NMDC Q4 Profit Down 38% to Rs 1416 Cr - Business News

May 27, 2024 22:30

NMDC's net profit fell by 38% to Rs 1,415.62 crore in Q4 FY24 due to increased expenses. Read more about the company's financial performance.

NMDC Q4 Profit Down 38% to Rs 1416 Cr - Business News

Photograph: NMDC/LinkedIn

New Delhi, May 27 (PTI) State-owned iron ore miner NMDC on Monday reported a 38 per cent fall in its consolidated net profit to Rs 1,415.62 crore for the March quarter on account of increased expenses.

It had posted a profit of Rs 2,276.94 crore for the year-ago period, the company said in an exchange filing.

The company's total income rose to Rs 6,908.37 crore in the January-March period from Rs 5,842.52 crore in the same period a year ago. Its expenses surged to Rs 4,519.64 crore from Rs 3,794.18 crore in January-March FY23.

For the whole FY24 fiscal, the company's profit was at Rs 5,571.25 crore, higher than Rs 5,537.72 crore in 2022-23.

Hyderabad-based NMDC is India's largest iron ore mining company catering to the country's around 20 per cent of the steel-making raw material.

Source: PTI By Rediff Money Desk, New Delhi

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