NMDC net profit grows 18% to Rs 1,963 crore in Q1

New Delhi: State-owned NMDC has reported 18 per cent growth in its consolidated net profit at Rs 1,963.35 crore during the June quarter, on account of reduced expenses.

It had posted a net profit of Rs 1,661.04 crore in the April-June period of the preceding financial year, the company said in an exchange filing on Monday.

The company increased its total income to Rs 5,779.07 crore from Rs 5,688.87 crore in the same quarter a year ago.

NMDC also brought down its expenses to Rs 3,171.12 crore from Rs 3,476.55 crore in the first quarter last fiscal.

The company's CMD Amitava Mukherjee said, "This is a good start to the fiscal year as reflected in our Q1 earnings.  Our strategic focus on technological innovation and operational excellence has driven remarkable results, positioning us as a cornerstone in the industry." The company is on track to achieve a production target of 50 million tonne per annum by the end of FY25.

NMDC, under the Ministry of Steel, is India's largest iron ore miner contributing to around 20 per cent demand for the key steel making raw material.