NMDC Q2 Profit Jumps 17% to Rs 1,196 Cr

New Delhi, Nov 11 (PTI) State-owned miner NMDC on Monday reported a 16.66 per cent rise in consolidated net profit to Rs 1,195.63 crore for the September 2024 quarter, helped by higher income.

It had posted Rs 1,024.86 crore profit in the July-September period of 2023-24, the company said in an exchange filing.

The company's total income surged 22 per cent to Rs 5,279.68 crore from Rs 4,335.02 crore in the year-ago quarter.

The board has also approved the issuance of bonus shares in the ratio of 2:1.

It further approved an increase in authorised share capital from Rs 400 crore to Rs 1,000 crore.

NMDC, under the Ministry of Steel, is India's largest iron ore mining entity catering to around 20 per cent of the country's demand for the key steel-making raw material.