NMDC reports 53% jump in Q3 net profit

MUMBAI: The countr y's largest iron ore producer NMDC has reported a 53 per cent jump in its net profit in the OctoberDecember quarter on the back of smart recover y in both production and sales that beat market expectations on account of disruptions caused by the Covid pandemic.

Accordingly, the company reported a net profit of Rs 2,109 crore in the third quarter of FY21 against Rs 1,376 crore during Q3 of 2019-20.

NMDC's turnover during the 3rd quarter of 2020-21 stood at Rs 4,355 crore as against the turnover of Rs 3,006 crore of the corresponding period last year (CPLY) which is a 45 per cent increase.

The turnover in this quarter is the best ever for any quarter for NMDC since inception, the company said in a statement.

NMDC produced 9.60 million tonnes (MT) and sold 9.28 million tonnes (MT) of iron ore in the third quarter of FY21.