NMDC's Record-Breaking Iron Ore Triumph

NMDC
NMDCImage Source: NMDC

Synopsis:

NMDC, a leading mining giant, showcased a remarkable surge in iron ore production and sales, hitting its highest-ever figures for December 2023 and Q3 FY24. Achieving a 24% growth in production and 26% in sales compared to December 2022, and elevating Q3 volumes by 15% in production and 19% in sales against FY23, NMDC enters FY24's fourth quarter with an 18% cumulative increase in production and 24% in sales.

Article:

In an extraordinary feat, NMDC, a prominent mining giant, marked its highest-ever iron ore production and sales in December 2023, boasting a 24% growth in production and a substantial 26% increase in sales compared to the figures from December 2022. This exceptional performance reflects the company's commitment to fortify the nation's iron resources and stems from strategic investments in robust capacities and infrastructure to meet escalating domestic demands.

NMDC's success story extends further with its third quarter of FY24 witnessing unparalleled volumes. The company achieved a remarkable production of 12.22 million metric tons and sales of 11.42 million metric tons, exhibiting a 15% surge in production and a notable 19% rise in sales against the third quarter of FY23. This remarkable stride positions NMDC strongly as it ventures into the fourth quarter of FY24.

Cumulatively, NMDC's iron ore production soared to 31.79 million metric tons, while sales reached an impressive 31.97 million metric tons by December 2023. These cumulative figures showcase an 18% increase in production and a remarkable 24% rise in sales over the Comparative Previous Year (CPLY). The company's historic performance in cumulative production and sales up to December 2023 solidifies its position for a robust finish in FY24.

Shri Amitava Mukherjee, CMD (Additional Charge), lauded his team's efforts, attributing NMDC's stellar performance to its dedication toward strengthening the nation's iron resources. He emphasized the company's strategic investments in capacities and infrastructure, expressing confidence in accomplishing the fiscal year's production and sales targets, backed by an exceptional Q3 performance.

Conclusion:

NMDC's unprecedented surge in iron ore production and sales stands as a testament to its steadfast commitment to fortifying the nation's iron resources. With record-breaking figures in December 2023 and Q3 FY24, the company's strategic investments and exceptional performance pave the way for a promising finish in FY24.

Related Stories

No stories found.
logo
SteelGuru Business News
www.steelguru.com