NMDC net down 76% at 351 crore during Q4

Hyderabad: Iron ore mining major NMDC Limited's consolidated profit after tax for the quarter ended March 31 was down by 76 per cent to Rs 351.31 crore following a drop of one million tonnes of production and 0.55 million tonnes of sales in March 2020, the company said in a statement.

The PAT was at Rs 1,448.85 crore in the January- March quarter of FY19. NMDC's consolidated total income during the fourth quarter was at Rs 3,320.95 crore compared to Rs 3,839.52 crore during the same quarter a year ago. "This was a tough quarter with all the disruptions and the disturbances. I am happy with the stable performance despite the challenges faced during this year. During this quarter, we focused on empowering our workforce, technological upgradation and we will see marked improvement in our performance in the following quarters," said N Baijendra Kumar, CMD of NMDC.

NMDC produced 31.49 million tonnes and sold 31.51 million tonnes of iron ore during 2019-20 against production of 32.36 million tonnes and sales of 32.36 million tonnes during the previous year. The Companys turnover for the year 2019-20 stood at Rs 11,699 crore against Rs 12,153 crore during 2018-19.

The company's production of iron ore during the 4th quarter was 9.47 million tonnes registering a decrease of 11 per cent over the same quarter in FY19, while sales of iron ore was 8.62 MT which was about 15 per cent less than that of the fourth quarter in FY19, it said.