NMDC Q1 Results FY22

India’s largest iron-ore manufacturer NMDC today announced its quarterly results and termed the Q1 FY22 results as one of its best Q1 performances since the inception of the enterprise. NMDC reported a whopping 500% y-o-y increase in the consolidated net profit at Rs 3,191.45 crore.

The state-owned mineral-producing company also reported a 423% EBITDA rise at Rs 4,322 crore. NMDC had last week announced that the prices of lump iron ore will be cut by Rs 300/tonne. Although iron ore rates in the international market remain volatile and jittery, NMDC reported a 236% increase in its revenue from operations at Rs 6,512.21 crore.

The company which comes under the ambit of the Steel Ministry of India saw a 34.9% increase in overall production at 89.10 LT in the June 2021 quarter compared to its previous best of 85.27 LT in Q1 FY18. NMDC also reported a meteoric 50.6% hike in sales, the highest in the enterprise’s history.

NMDC’s stock closed in the green at Rs 174.25 after rising by 1.43% at the end of the intra-day trading session ahead of its Q1 FY22 results.

Hits

• Net consolidated profit up by nearly 500% from Rs 531.78 crore to Rs 3,191.45 crore y-o-y.
• Revenue from operations increased by 236% to Rs 6,512.21 crore from Rs 1,937.50 crore over the year-ago period.
• Other income grew from Rs 71.7 crore in Q1 FY22 to Rs 144 crore in the June 2021 quarter.
• EBITDA spiked 423% to Rs 4,322 crore from Rs 826 crore y-o-y.
• NMDC’s y-o-y sales saw a growth of 51% while the production capacity grew by 35%.
• Liabilities down from Rs 7,032 crore to Rs 6,102 crore q-o-q.
• Quarterly tax expense down from Rs 1,430 crores in the March quarter to Rs 1,070 crore in the Q1 FY22.
• Earnings per share (EPS) up from Rs 1.73 to Rs 10.89 y-o-y.