NMDC Q1 net profit slips 54 pc to Rs 531 crore

I am certain, we will see a marked improvement in our performance in the following quarters with the conditions getting normalised," NMDC CMD Sumit Deb said. NMDC, under the Ministry of Steel, is the country's largest iron ore miner.

State-owned NMDC on Thursday said its consolidated net profit fell over 54 per cent to Rs 531.35 crore in the first quarter ended June 30, mainly on account of lower income due to COVID-19. The company had posted Rs 1,178 crore net profit during the same quarter a year ago.

In a BSE filing, the company said its total income declined to Rs 2,009 crore in the April-June quarter 2020, from Rs 3,386 crore in the year ago-period. During the quarter under review, the company's expenses stood at Rs 1,250 crore, as against Rs 1,474 crore in the same period previous fiscal.

In a separate statement, the company said its business was impacted by the outbreak of coronavirus and the lockdowns. "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 a marked improvement in our performance in the following quarters with the conditions getting normalised," NMDC CMD Sumit Deb said.

NMDC, under the Ministry of Steel, is the country's largest iron ore miner. Besides iron ore, it is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.