NMDC Registers 48% Growth in Its Third Quarter Results
The National Mineral Development Corporation (NMDC) has registered an impressive performance for the third quarter in financial year 2018-19. The company’s turnover for the Q3 in FY 2018-19 has been recorded at Rs 3,649 crore, against Rs 2,469 crore, in 2017-18 (Q3), registering a growth of 48 per cent. The Profit Before Tax (PBT) has been recorded at Rs 2,211 crore against Rs 1,377 crore in 2017-18 (Q3), registering a growth of 61 per cent. The Profit After Tax (PAT) has been recorded at Rs 1,577 crore against Rs 887 crore in 2017-18 (Q3) registering growth of 78 per cent.
NMDC’s production of iron ore for Q3 in 2018-19 is 9.54 Million Tonnes (MT) and the sale of iron ore has been registered at 8.70 MT. Recently, the NMDC Board had approved the buyback of 10,20,40,815 equity shares of Rs 1 each at Rs 98 per share for an aggregate consideration not exceeding Rs 1,000 crore.
The company has already initiated the process of buyback. The Q3 results for 2018-19 were approved by the Board of Directors of the company under the chairmanship of N Baijendra Kumar.
Congratulating the employees and the Board Members of the company, Kumar stated, “NMDC could achieve these encouraging results despite the challenges faced by the company at the Donimalai Sector in Karnataka and the evacuation challenge at the Bailadila Sector in Chhattisgarh.”