New Delhi: NMDC achieved its "best-ever annual performance" in FY24 as iron ore production increased by 10 per cent, exceeding 45 million tonnes, and sales rose by 16 per cent, reaching 44.48 million tonnes, announced the company's CMD Amitava Mukherjee on Tuesday. During NMDC's 66th AGM, the CMD announced a significant growth of 7 pc in iron ore production, rising from 257 million tonnes in FY23 to 275 million tonnes in FY24.
I am happy to announce that NMDC has played a key part in reaching this milestone, capturing a respectable 16 percent of the market. In FY24, NMDC achieved its highest annual physical performance by producing 45.02 million tonnes and selling 44.48 million tonnes of iron ore," he added. Mukherjee stated that the company saw a 10 percent increase in production and a 16 percent increase in sales compared to the volumes in FY23. The strong financial performance resulted in a revenue of Rs 21,294 crore in FY24, which marked a 21 percent growth from the previous fiscal year's revenue.
He stated that due to our financial planning and pricing strategies, we achieved a profit after tax (PAT) of Rs 5,632 crore and a profit before tax (PBT), excluding exceptional items, of Rs 8,294 crore in FY24, resulting in a 2 per cent increase in PAT and a 30 per cent increase in PBT compared to the previous year. NMDC's EBITDA in FY24 reached Rs 8,709 crore, showing a 28 percent increase compared to the previous fiscal year. In the financial year 2023-24, the company achieved an operating profit margin of 34 percent. The company spent a record amount of Rs 2,066 crore on capacity building in FY24, surpassing the capex target of Rs 1,769 crore by 17 percent.
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