MMTC reported a consolidated net profit of Rs 118.38 crore in Q1 FY23 as against a net loss of Rs 597.17 crore in Q1 FY22.
Net sales during the quarter declined by 75.8% YoY to Rs 2,255.59 crore.
Total expenditure in the first quarter dropped by 82.9% to Rs 1,743.07 crore Q1 FY23 over Q1 FY22.
The company recorded a pre-tax profit of Rs 481.15 crore in Q1 FY23 as compared with a pre-tax loss of Rs 921.56 crore in Q1 FY22.
MMTC, a public sector undertaking, was incorporated on September 26, 1963, to facilitate foreign trade in India and canalize the export and import of essential minerals and metals. The business operations of the company span across six major divisions i.e. minerals, metals, precious metals, agro products, fertilizers & chemicals and coal & hydrocarbons. The Government of India (GOI) held an 89.93% stake in the company as of 30 June 2022.
The scrip fell 1.85% to currently trade at Rs 39.75 on the BSE.
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