India’s largest state-run iron ore miner NMDC Limited has reported a net profit of INR 5.63 billion ($670.47 million) in the fiscal year 2023-24, up two percent year on year, a company statement said on Wednesday, September 25.
The company achieved total revenues of INR 212.94 billion ($2.54 billion) in the given fiscal year, up 21 percent year on year.
NMDC recorded an iron ore output of 45 million mt in 2023-24 and is eyeing 50 million mt in 2024-25, chairman and managing director Amitava Mukherjee said.
“Gearing up to deliver 50 million mt in the current fiscal year, the journey from hereon will be guided by an ambitious growth strategy. The company is investing in capacity expansion and new infrastructure to augment capacity to 72 million mt from existing iron ore mines while also developing NMDC CMDC Ltd, a joint venture to contribute another 28 million mt,” he said.