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NMDC Reports Stable Performance despite Non-operation of Donimalai Mines, Karnataka

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Posted By: Sachin Murdeshwar June 16, 2020

images (4)MUMBAI, 16 JUNE, 2020 (GPN): NMDC presented The Audited Financial Results for Q4FY20 and FY20 for the year 2019-20:

4th Quarter 2019-20

Annual 2019-20

Iron Ore Production (Million Tonnes)

9.47

31.49

Iron Ore Sales (Million Tonnes)

8.62

31.51

Turnover (Rs. In Crore)

3187

11699

Profit Before Tax (Rs. In Crore)

1482

6122

NMDC has produced 31.49 million tonnes and sold 31.51 million tonnes of iron ore during 2019-20 against production of 32.36 million tonnes and sales of 32.36 million tonnes during previous year.

The Company’s turnover for the year 2019-20 is Rs.11,699 crore against Rs.12,153 crore during
2018-19.

NMDC’s Profit Before Tax (PBT) for the year 2019-20 is Rs.6,122 crore against Rs.7,198 crore during 2018-19, down by 15%. Similarly Profit After Tax (PAT) for the year 2019-20 is
Rs.3,610 crore against Rs.4,642 crore during 2018-19, down by 22%.

Shri N. Baijendra Kumar, IAS, CMD, NMDC-Photo By GPN

Shri N. Baijendra Kumar, IAS, CMD, NMDC-Photo By GPN

NMDC’s turnover during the 4th quarter is Rs.3,187 crore compared to turnover of Rs.3,643 crore of CPLY. NMDC has recorded Profit Before Tax (PBT) of Rs.1,482 crore and Profit After Tax (PAT) of Rs.351 crore during the 4th quarter which are lower by 33% & 76% respectively over 4th quarter of CPLY.

The company has opted to settle dispute relating to Direct Tax under Vivad Se Vishwas Scheme and accordingly an amount of Rs.795 crore was paid in Q4 of 2019-20, thus reducing the PAT.

Impact of COVID-19 on the Performance of the Company:

  • Due to nation-wide lock down, last few days of FY-20 were impacted.

  • There has been a loss of around 10 LT of Production and 5.50 LT of sales in March 2020.

  • This has resulted in an estimated loss in sales revenue of Rs.220 crore and PBT of Rs.120 crore

The Company’s production of iron ore during the 4th quarter is 9.47 million tonnes (MT) registering a decrease of 11% over CPLY while sales of iron ore was 8.62 MT which is about 15% less than that of the CPLY.

The Audited Financial Results for the year 2019-20 were approved by the Board of Directors of the Company under the Chairmanship of Shri N. Baijendra Kumar, IAS, CMD, NMDC in its meeting held on 16.06.2020.

Commenting on the performance, Shri Kumar said, “This was a tough quarter with all the disruptions and the disturbances. I am happy with the stable performance despite the challenges faced during this year. During this quarter, we focused on empowering our workforce, technological upgradation and we will see marked improvement in our performance in the following quarters. ENDS

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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