State-owned NMDC's profit up 22 pct at Rs 4,642 crore in FY 19

Last Updated: Tue, Jun 04, 2019 15:53 hrs
Iron ore

Government-owned NMDC Ltd, previously known as National Mineral Development Corporation, on Thursday reported turnover of Rs 12,513 crore during 2018-19, up 5 per cent from Rs 11,615 crore in the previous fiscal.

It produced and sold 32.36 million tonnes of iron ore during 2018-19 against the production of 35.58 million tonnes and sales of 36.08 million tonnes during the previous year.

NMDC's profit before tax in FY 19 was Rs 7,198 crore against Rs 6,179 crore in FY 18, registering a growth of 17 per cent. Similarly, profit after tax was up 22 per cent at Rs 4,642 crore against Rs 3,806 crore in FY 18.

The 'Navratna' Public Sector Enterprise is India's single largest iron ore producer, presently producing over 35 million tonnes of iron ore from three fully mechanised mines in Chhattisgarh and Karnataka.

It is now diversifying into steel-making, according to an official statement. Several capital intensive projects have been undertaken to modernise and increase capacities to retain its domestic leadership and expand outreach in overseas ventures.