The NMDC in the 1st quarter of 2019-20 has witnessed a spectacular growth both in physical and financial performances over corresponding period of last year.
Iron ore production in Q1 is 8.43 MT against 6.98 MT in Q1 of 2018-19, registering a growth of 21%. Similarly, iron ore sale has increased from 6.78 MT in Q1 of 2018-19 to 8.67 MT in Q1 of 2019-20, witnessing a growth of 28%.
These are the best ever performance since inception for Q1.
The sales turnover for the Q1 of 2019-20 is Rs 3,264 crore which is 35% higher than the CPLY which was Rs 2,422 crore. In absolute terms, this is the best result in last 5 years and if revenues from Donimalai are excluded, this is the best ever turnover for Q1 since inception, said a NMDC press release.
Profit before tax and profit after tax for Q1 of 2019-20 is Rs 1,913 Crore and Rs.1,179 Crore respectively which is 30% and 21% more than Q1 of 2018-19, i.e. Rs 1,477 Crore and Rs 975 Crore respectively.
During the quarter, the NMDC received prestigious S&P Global PLATTS Metals Award 2019 in CSR category for the second consecutive year. The NMDC also bagged Certificate of Merit in Challengers category of “Frost & Sullivan” - The Energy and Resources Institute (TERI) Sustainability 4.0 Awards.
The NMDC is embarking on a digital transformation journey in the new financial year, by adopting ERP through project titled ‘Kalpataru’.
N. Baijendra Kumar, IAS, CMD, NMDC said it is a proud moment for the company to excel and create new bench marks both in physical and financial performances inspite of closure of Donimalai Mine in Karnataka and challenges at Bailadila Complex in Chhattisgarh. He also expressed that with the kind of hard-work and commitment demonstrated by the employees, the NMDC would surely surpass its targets for FY 20.