NMDC Sheds Over 3% Even After Profit Jumps Eight-Fold In March Quarter

Share price of NMDC Limited declined more than three per cent on Wednesday, June 23, a day after announcing its January-March quarter results for the financial year 2020-21. On Wednesday, NMDC Limited opened on the BSE at Rs 189, swinging to an intra day high of Rs 189.15, and an intra day low of Rs 178.15, throughout the trading session today. The country's largest iron ore producer reported a profit after tax of Rs 2,838 crore in the March quarter, according to a regulatory filing by the company to the stock exchanges.

The profit in the fourth quarter of fiscal 2021 was 708 per cent higher, compared to Rs 351 crore in the corresponding quarter of the previous financial year. The company's turnover stood at Rs 6,848 crore, compared to Rs 3,187 crore in the year-ago period, the iron order miner said in its statement.

The company said that it reported 'its best-ever quarterly performance' in the March quarter fo fiscal 2021, since its inception. During the entire financial year 2020-21, NMDC's turnover stood at Rs 15,370 crore, compared to Rs 11,699 crore in fiscal 2019-20, registering a growth of 31 per cent.

NMDC Limited produced a total of 34.15 million tonnes and sold as much as 33.25 million tonnes of iron ore during the fiscal year 2020-21. 

On the NSE, NMDC opened at Rs 188.50, registering an intra day high of Rs 189, and an intra day low of Rs 178.05, in the trading session. NMDC settled 3.37 per cent lower at Rs 179.15 apiece on the NSE.

Shares of NMDC Limited settled 3.53 per cent lower at Rs 178.85 apiece on the BSE.