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  4. NMDC reports 62 per cent surge in Q3 profit, declares dividend of Rs 5.75 per share 

NMDC reports 62 per cent surge in Q3 profit, declares dividend of Rs 5.75 per share 

The company's total income rose to Rs 5,746 crore, up from Rs 3,924 crore a year ago, while expenses increased to Rs 3,516 crore.

Edited By: Akshit Tyagi New Delhi Published : Feb 15, 2024 10:01 IST, Updated : Feb 15, 2024 10:03 IST
NMDC building
Image Source : NMDC NMDC building

State-owned NMDC reported a significant increase in its consolidated net profit for the December quarter, rising by 62 per cent to Rs 1,469.73 crore compared to Rs 903.89 crore in the same period last year. This growth was primarily driven by higher income.

The company's total income saw a substantial surge, reaching Rs 5,746.47 crore, up from Rs 3,924.75 crore a year ago. However, expenses also increased to Rs 3,516.78 crore in the third quarter of the current fiscal, compared to Rs 2,693.01 crore in the corresponding period last year.

NMDC, which operates under the Ministry of Steel, is India's largest iron ore mining company, supplying approximately 20 percent of the country's demand for this crucial steel-making raw material.

In addition to its financial performance, the company's board has approved an interim dividend of Rs 5.75 per equity share for the fiscal year 2023-24. The record date for determining shareholders eligible for the dividend has been set as February 27.

(With PTI inputs)

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