NMDC posts 78 pc profit rise in Q3 at Rs 1577 cr

NMDC posts 78 pc profit rise in Q3 at Rs 1577 cr

Agency News

Hyderabad, Feb 1: State-run and one of the country’s largest iron ore miners, National Mineral Development Corporation (NMDC) has posted a 78 per cent increase Profit After Tax (PAT) to Rs 1577 crore for the third quarter of 2018-19 (Q3FY19) from Rs 887 crore in the corresponding period registered in previous year.

The Mining company registered once again an impressive performance for the 3rd quarter (2018-19) as its production of iron ore for the third quarter 2018-19 stood at 9.54 Million Tonnes (MT) and sales of iron ore at 8.70 MT, the company Chairman and Managing Director N.Baijendra Kumar said in a release here on Thursday evening.

The company’s turnover for the third quarter registered at Rs.3,649 crore, against Rs.2,469 crore in the corresponding period in last year, registered 48 per cent growth.

Congratulating all the employees and Board Members, Kumar said NMDC could achieve these encouraging results in spite of challenges faced by the company at Donimalai Sector in Karnataka and evacuation challenge at Bailadila Sector in Chhattisgarh.

These inspired efforts of team NMDC would help in overcoming the adverse conditions and ensure that the company would certainly exceed the targets in future also, said.

Recently, NMDC Board has approved buyback of 10,20,40,815 equity shares of Re.1 each @ Rs.98 per share for an aggregate consideration not exceeding Rs.1,000 crore, he said the company has already initiated the process of buyback. (UNI)