NMDC Q3 profit drops marginally to Rs 2,048 cr

NMDC reported a marginal 2.8 per cent drop in consolidated profit at Rs 2,048.40 crore for the quarter ended December 31, 2021 on the back of higher expenses.

The company said that the income during the quarter increased to Rs 6,026.68 crore, over Rs 4,460.97 crore in the year-ago period.

Expenses during the third quarter surged to Rs 3,332.44 crore as against Rs 1,650.56 crore in the year-ago period, the filing said.

''This strong performance was achieved on the back of enhanced production under challenging times and should reach the production target this fiscal. We continue to be committed to completing important capex projects and the digitalisation and automation of our operations,'' stated CMD Sumit Deb.

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NMDC produced 10.65 million tonne (MT) and sold 9.85 MT of iron ore in the third quarter of 2021-22.

(With inputs from PTI)