NMDC continues with stable performance despite the adverse effects of Covid 19 Pandemic

NMDC continues with stable performance
despite the adverse effects of Covid 19 Pandemic

Hyderabad, August 27 2020: NMDC has produced 66.05 lakh tonnes and sold 62.75 lakh tonnes of iron ore during Q1FY21.

NMDC’s Profit Before Tax (PBT) for the Q1 of 2020-21 is Rs.759 crore against Rs.1913 crore during Q1 of 2019-20, decrease by 60%. Similarly Profit After Tax (PAT) for the Q1 2020-21 is Rs. 533 crore against Rs. 1179 crore during Q1 of 2019-20, decrease by 55%.

NMDC’s turnover during the1st quarter of 2020-21 is Rs.1938 crore compared to turnover of Rs.3264 crore of CPLY.

Impact of COVID-19 on the Performance of the Company:

·          Due to nation-wide lock down, both production & sales were impacted.

·          There has been a loss of around 18.23 LT of Production and 23.94 LT of sales

·          This has resulted in an estimated loss in sales revenue of Rs.737 crore and PBT of Rs.317 crore

Nationally Iron Ore output in 2020-21 (Q1) is down by 45% when compared with CPLY, whereas NMDC fall is 22%.

Further, NMDC produced around 20% of India’s total iron ore production for the period
2020-21(Q1).

Commenting on the performance, Shri Sumit Deb, CMD, NMDC said, “This is a difficult year with the pandemic creating unprecedented situations. I am happy that our performance remains stable despite the challenges we are facing. I am certain we will see marked improvement in our performance in the following quarters with the conditions getting normalised.”