Iron ore miner NMDC’s Q3 net rises 29% to ₹1,897 cr.

State-owned iron ore miner NMDC reported consolidated net profit for the December quarter rose 29% to ₹1,896.66 crore from ₹1,469.73 crore a year earlier on the back of higher sales realisation.

Total income of the company, which is India’s largest iron ore producer with a one-sixth share in the domestic market, during the third quarter increased nearly 21% to ₹6,942.92 crore (₹5,746.47 crore).

On a standalone basis, net profit increased more than 30% to ₹1,943.51 crore (₹1,492.32 crore) on a total income that at ₹6,905.28 crore (₹5,746.41 crore) was 20% higher. Iron ore production, during the quarter, was 9% more at 13.29 million tonnes (12.22 MT) and sales 5% higher at 11.94 MT (11.39 MT).

“The demand for iron ore and steel in India is rapidly growing and NMDC is well-positioned to support the nation’s GDP growth. Despite the challenges faced this financial year, NMDC’s results remain positive on a sequential basis, strengthening a growth trajectory towards the next quarter and positioning itself to break new records in physical and financial performance this year,” CMD (additional charge) Amitava Mukherjee said in a release.