NMDC sets new record in production as well as sales in October
The National Mineral Development Corporation (NMDC) has reported unprecedented performance metrics for October 2024, setting new records in both production and sales of iron ore. This achievement is a significant milestone for the company, underscoring its operational efficiency and market responsiveness. NMDC successfully produced 8.86 million tonnes of iron ore in October 2024, marking a 25% increase compared to the same month last year. Sales figures also soared, with the company selling 9.57 million tonnes of iron ore during the month, reflecting a 14% growth from the previous year.
NMDC’s half-yearly performance (April to September 2024) revealed that it produced 19.56 million tonnes and sold 20.55 million tonnes of iron ore, which leads to an increase of 22% in production and 27% in sales year on year. The financial outcomes during this period highlight a turnover of ₹9,409 crore and a Profit Before Tax (PBT) of ₹3,608 crore, showing increases of 16% and 15%, respectively, compared to the same period last year.NMDC’s achievements are supported by advancements in operational efficiency, including a focus on optimizing processes and infrastructure that ensures sustainable growth and profitability.
The Chairman and Managing Director of NMDC emphasized the company’s commitment to achieving 50 million tonnes of production by the next fiscal year, reinforcing a long-term growth strategy supported by robust market demand. NMDC’s achievement of historic performance in October, alongside its significant half-yearly results, reflects a dedicated effort towards enhancing its production capacity and operational frameworks, which are pivotal for sustaining its leadership in the iron ore market. The company’s proactive strategies and market adaptations position it well for future growth and profitability in the competitive mining sector.
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