Key Takeaways
- NDMC FY24 net profit up 2 pc to Rs 5,632 Cr; to become 100 MT company by 2030
- NDMC achieved the 45MT milestone in FY24, becoming the first iron ore mining company to achieve that target
- NDMC’s operational excellence, financial prudence, and strategic agility have strengthened its position as a leader in the mining sector
Hyderabad: National Mineral Development Corporation (NMDC) , India’s largest iron ore producer, registered a net profit of Rs 5,632 crores, a 2 percent increase from the previous year .
The company’s revenue rose by 21 percent to Rs 21,294 crores, and the company’s EBITDA also saw a 28 percent growth, the mining company said in a release on Tuesday evening.
In its 66th Annual General Meeting (AGM), the meeting was chaired by NMDC Chairman and Managing Director (Additional Charge) Amitava Mukherjee, who addressed the shareholders, highlighting the company’s record performance and its strategic roadmap for the future targets.
NMDC is committed to delivering strong volumes and meeting the domestic iron ore demand. This commitment is crucial to the company’s success in the mining sector.
NMDC achieved the 45MT milestone in FY24, becoming the first iron ore mining company to achieve that target, and also recorded a significant increase in sales, reaching 44.48 MT.
“NMDC’s operational excellence, financial prudence, and strategic agility have strengthened our position as a leader in the mining sector. Looking ahead, NMDC is committed to forging a path of sustainable growth and strategic capacity expansion, driven by an ambitious vision to reach 100 MT company by 2030.”
Providing an overview of the global iron ore market, he said, noting a stable production rate despite fluctuations due to geopolitical tensions.
India recorded strong growth in iron ore production, and NMDC’s contribution to the sector was vital, securing a 16 percent market share in FY24, he said.
Domestically, NMDC played a crucial role in supporting India’s infrastructure development, driven by a robust economic environment, he said.
The company’s major mining projects in Chhattisgarh and Karnataka achieved their highest-ever annual production volumes. NMDC also made significant strides in resolving bottlenecks in pellet production and enhancing supply chain resilience, including the commencement of operations at its Kumar Marenga stockyard and the implementation of a 10 MTPA Rapid Wagon Loading System, he said.
A notable achievement in FY24 was the commencement of gold mining at Mount Celia in Western Australia through its subsidiary, Legacy Iron Ore Limited. The company also resumed its operations at the Panna Diamond Mines in Madhya Pradesh, he said.
Mukherjee highlighted NMDC’s plan of laying a 15 MTPA slurry pipeline, doubling the Kirandul-Kothavalasa railway line from 28 MTPA to 40 MTPA, and investing in solar and wind energy projects. NMDC is also exploring opportunities to mine critical minerals like lithium and cobalt.
The company’s ESG performance remains strong, with focused efforts on reducing greenhouse gas emissions, enhancing biodiversity conservation, and executing transformational CSR initiatives.
Mukherjee reiterated NMDC’s commitment to upholding the highest standards of corporate governance, ensuring transparency and accountability in its operations.
NMDC’s long-term vision includes expanding its production capacity and contributing to India’s National Steel Policy, which aims to increase steel production capacity to 300 MT by that year, he said.
“Our new logo symbolises our commitment to responsible mining and growth, and we are confident that with the support of our stakeholders, NMDC will continue to thrive,” Mukherjee added.
