State-run iron ore producer announced its Q2 2019 earnings after market hours on Monday, 11 November 2019.
India's single largest iron ore producer, NMDC reported a 10.5% rise in net profit to Rs 703.27 crore in Q2 September 2019 over Q2 September 2018. Net sales dropped 8% to Rs 2241.76 crore in Q2 September 2019 over Q2 September 2018.The company reported a 5% decline in iron ore production to 50.05 LT on a 13% decline in off take of iron ore to 58.16 LT in Q2 September 2019 as against Q2 September 2018.
EBITDA declined 15% to Rs 1,188 crore in Q2 2019 over Q2 2018. EBITDA margin declined to 53% in Q2 2019 from 57% in Q2 2018.
Shares of NMDC were trading 2.65% higher at Rs 106.55. The stock has surged 10.19% in last one month as compared to a 12.31% rise in Nifty Metal index.
NMDC Ltd is the largest iron ore producer by volume in India. The company is engaged in the exploration of a range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite and beach sands. As of September 2019, Government of India holds a 72.28% stake in NMDC.
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