NMDC jumped 6.33% to Rs 250.40 after the company's standalone net profit (from continuing operations) surged 67.7% to Rs 1,492.68 crore in Q3 FY24 as against Rs 890.09 crore recorded in Q3 FY23.
Revenue from operations climbed 45.43% year on year to Rs 5,409.90 crore in the quarter ended 31 December 2023.
Profit before tax stood at Rs 1999.98 crore in Q3 FY24, registering a growth of 64.24% from Rs 1217.71 crore posted in Q3 FY23.
During the quarter, total expenses were at Rs 3,494.13 crore, up 29.89% YoY.
EBITDA grew by 77.76% to Rs 2,366 crore in Q3 FY24 as against Rs 1,331 crore reported in Q3 FY23. EBITDA margin improved to 44% in Q3 FY24 as compared to 36% registered in the corresponding quarter previous year.
The companys revenue from iron ore business stood at Rs 5,331.09 crore (up 45.45% YoY) and income from pellet, other mineral & services segment was at Rs 78.81 crore (up 43.87% YoY) during the period under review.
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In Q3 FY24, NMDCs iron ore production grew by 15% YoY to 122.23 lakh tones (LT) and iron ore sales jumped 19% YoY to 113.94 LT. Average sales realization stood at Rs 4,679 per tonne in Q3 FY24, up 22% from Rs 3,821 per tonne registered in Q3 FY23.
On nine month basis, the companys standalone net profit rose 28.24% to Rs 4,170.59 crore on 25.42% increase in revenue to Rs 14,818.54 crore in 9M FY24 over 9M FY23.
Meanwhile, the company's board has declared first interim dividend of Rs 5.75 per equity share for FY24. The record date for the same is fixed on 27 February 2024.
NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of December 2023, the Government of India held 60.79% stake in the firm.
The scrip hit 52-week high at Rs 252.65 in todays intraday session.
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