NMDC Iron Ore Output Jumps 15% in Q3 2023

New Delhi, Feb 15 (PT) State-owned NMDC has registered a 15 per cent rise in its iron ore production to 12.22 Million Tonne (MT) in October-December 2023, a company statement said.

The miner had produced 10.66 MT iron ore in the third quarter of the preceding financial year, according to the statement on Wednesday.

The sales volumes also rose 19 per cent to 11.39 MT from 9.58 MT in the same quarter a year ago.

Amitava Mukherjee, NMDC, CMD (Additional Charge) said, the steel demand in India is rapidly growing and is expected to continue its upward momentum, directly aligning with the overall GDP growth.

To match the increased demand for steel, NMDC has been ramping up its production capacity and is creating a secure supply channel to meet the domestic demands of the industry.

"The company's financial and physical figures demonstrate our prudent investments in technology and innovation that are reaping us high returns," he said.

On Wednesday, NMDC (National Mineral Development Corporation) posted a 62 per cent year-on-year (y-o-y) rise in its consolidated net profit to Rs 1,469.73 over Rs 903.89 crore in the year-ago period.

The company's total income too surged to Rs 5,746.47 crore over Rs 3,924.75 crore a year ago.