Mining firm NMDC Q3 net surges to ₹2,157.8 cr.

Mining major NMDC Ltd. reported an almost 55% rise in consolidated third quarter net profit to ₹2,157.8 crore.

Total income increased by more than 42% to close to ₹4,461 crore. Of this, revenue from operations stood at ₹4,355.1 crore, an increase of almost 45%.

Driving the growth was iron ore, the mainstay, despite the company continuing to face issues in renewing the Donimalai mine licence in Karnataka.

Segment revenue-wise, the share of iron ore was 44% higher at ₹4,311.5 crore, while contribution to profit (before tax and interest) at ₹2,824 crore represented an increase of 77%.

Separately, the country’s largest iron ore miner announced a reduction of ₹600 per tonne in the price of the commodity.

In a filing, NMDC said lump ore price had been fixed at ₹5,100 per tonne and that of the same quantity of fines at ₹4,210, with effect from February 7.

In January, NMDC had increased the prices to ₹5,700 and ₹4,810, respectively.

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