NMDC Q3 net up 78%

Hyderabad: State-run iron ore miner NMDC Ltd on Thursday said it has posted a 78per cent jump in net profit for the third quarter ended December 31, 2019, at Rs 1577 crore, up from Rs 887 crore in the corresponding quarter of 2017-18.

This was on a 48per cent rise in turnover for the third quarter of FY19 at Rs 3,649 crore as against Rs 2,469 crore in the third quarter of FY18.

The company said its iron ore production for the third quarter of 2018-19 stood at 9.54 million tonnes (MT) and iron ore sales at 8.70 MT.

N Baijendra Kumar, chairman and managing director, NMDC Ltd, said in a statement that the company was able to post encouraging results despite challenges faced in the Donimalai sector of Karnataka and the evacuation challenge in Bailadila sector of Chhattisgarh.

NMDC also told the bourses that following the recent approval of its board for buyback of 10,20,40,815 equity shares of Re 1 each at Rs 98 per share for an aggregate consideration not exceeding Rs 1,000 crore, the company has already initiated the process of buyback.