Image Source : NMDC NMDC building
State-owned NMDC reported a significant increase in its consolidated net profit for the December quarter, rising by 62 per cent to Rs 1,469.73 crore compared to Rs 903.89 crore in the same period last year. This growth was primarily driven by higher income.
The company’s total income saw a substantial surge, reaching Rs 5,746.47 crore, up from Rs 3,924.75 crore a year ago. However, expenses also increased to Rs 3,516.78 crore in the third quarter of the current fiscal, compared to Rs 2,693.01 crore in the corresponding period last year.
NMDC, which operates under the Ministry of Steel, is India’s largest iron ore mining company, supplying approximately 20 percent of the country’s demand for this crucial steel-making raw material.
In addition to its financial performance, the company’s board has approved an interim dividend of Rs 5.75 per equity share for the fiscal year 2023-24. The record date for determining shareholders eligible for the dividend has been set as February 27.
(With PTI inputs)
