NMDC reported a 54% fall in standalone net profit to Rs 1,469.44 crore in Q1 FY23 as against Rs 3,192.84 crore in Q1 FY22.
Net sales was at Rs 4,767.07 crore for the quarter ended 30 June 2022 as against Rs 6,512.21 crore during the same period in the previous year, registering a decline of 26.8%.Profit before tax stood at Rs 1,945.78 crore in Q1 FY23, down by 54.4% from Rs 4,263.38 crore in Q1 FY22. Total expenditure rose 24% to Rs 2,968.94 crore in Q1 FY23 over Q1 FY22.
EBITDA slumped 52.66% to Rs 2,046 crore in Q1 FY23 from Rs 4,322 crore recorded in the corresponding period last year. EBITDA margin declined to 43% in quarter ended June 2022 from 66% posted in the year ago period. Net profit margin stood at 31% in Q1 FY23 as against 49% recorded in Q1 FY22.
On the operational front, iron ore production fell marginally to 89.20 lakh tones in Q1 FY23 from 89.10 lakh tones reported in Q1 FY22. Iron ore sales declined 17.44% to 78.01 lakh tones in the first quarter as compared to 94.49 lakh tones posted in the same period last year.
Average sales realisation slipped 11% year on year to Rs 6,050 per ton in Q1 FY23 from 6,823 per ton recorded in the corresponding quarter previous year.
Commenting on the results, Sumit Deb, CMD of NMDC said, Early monsoon and a shortfall in demand accounted for a slow Q1. On a positive note, our constant technological, digital, and financial growth provide comfort that NMDC will mitigate the current challenges and achieve the annual targets.
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 30 June 2022, the Government of India held 60.79% stake in the firm.
Shares of NMDC rose 1.35% to Rs 112.60 on the BSE.
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