NMDC Q3 PAT slides 57% YoY to Rs 890 cr

NMDC reported 56.6% drop in standalone net profit to Rs 890.09 crore in Q3 FY23 as against Rs 2,049.80 crore in Q3 FY22.

Revenue from operations was at Rs 3,719.99 crore for the quarter ended 31 December 2022 as against Rs 5,873.77 crore during the same period in the previous year, registering a decline of 36.7%.

Profit before tax stood at Rs 1,217.48 crore in Q3 FY23, down by 54.8% from Rs 2,695.38 crore in Q3 FY22.

However, total expenditure skid 19.19% to Rs 2,693.01 crore in the quarter ended December 2022.

EBITDA slumped 52% to Rs 1,331 crore in Q3 FY23 from Rs 2,765 crore recorded in the corresponding period last year. EBITDA margin slipped to 36% in quarter ended December 2022 from 47% posted in the year ago period.

On the operational front, iron ore production rose marginally to 106.63 lakh tones in Q3 FY23 from 106.49 lakh tones reported in Q3 FY22. Iron ore sales declined 3% to 95.80 lakh tones in the second quarter as compared to 98.45 lakh tones posted in the same period last year.

Average sales realisation declined 35% year on year to Rs 3,821 per ton in Q3 FY23 from 5,914 per ton recorded in the corresponding quarter previous year.

The company's board fixed Friday, 24 February 2023, as the record date for the purpose of payment of first interim dividend of Rs 3.75 per equity share for the financial year 2022-23.

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 31 December 2022, the Government of India held 60.79% stake in the firm.

The scrip advanced 2.93% to currently trade at Rs 119.35 on the BSE.

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