15-Feb-2024
2 mins read
Shares of NMDC showed a sharp jump of 5% after it posted its third quarter earnings on February 15, 2024. NMDC reported a 62% jump in the consolidated net profit to Rs 1,469.73 crore in December quarter. In the same period last year, the company booked a net profit of Rs 903.89 crore.
On a standalone basis, NMDC net profit rose 67.7% year-on-year to Rs 1492.3 crore. State owned mining company NMDC, total income surged to Rs 5,746.47 crore in Q3 FY24 as compared to Rs 3,924.75 crore in the same period previous year.
Company’s expenses stood at Rs 3,516.78 crore in the third quarter of the current fiscal as compared to Rs 2,693.01 in the previous year.
NMDC Interim Dividend Update
NMDC’s Board has also approved an interim dividend of Rs 5.75 per equity share of face value of Rs 1, for fiscal 2023 – 24 and fixed a record date as February 27, 2024.
NMDC under, Ministry of Steel is India’s largest iron ore mining company contributing 20% of the country’s demand of key steel making raw material.
NMDC operates four iron ore mines in Chhattisgarh and Karnataka states. Iron ore sales in the quarter jumped 19% YoY to Rs 113.9 crore. Company is also benefiting from the price realizations. Last month, the mining major raised iron ore prices by Rs 400 per tonne amid soaring demand for raw material.
Market Reaction After Earnings
Yesterday, on February 14, 2024, NMDC stock price rose 3.8% and closed with a bullish note at Rs 235.55. Luckily, after fantastic Q3 earnings, Bulls succeeded to give follow up and currently share price is quoting at Rs 244.30 with a rise of 3.76%.