NMDC has reported a consolidated net profit of ₹531.4 crore for the quarter ended June 30, almost 55% lower compared with the ₹1,178 crore the public sector mining firm had posted in the year-earlier period.This came on a lower revenue from operations at ₹1,937.5 crore (₹3,263.7 crore). The company said due to the nationwide lockdown, both production and sales were impacted. There had been a loss of about 18.23 lakh tonne (LT) of production and 23.94 LT of sales. This resulted in an estimated loss in sales revenue of ₹737 crore and profit before tax of ₹317 crore. Nationally iron ore output in the first quarter was down by 45% year on year, whereas the fall in output for NMDC was 22%. The company produced around 20% of India’s total iron ore production during the quarter.Chairman-cum-managing director Sumit Deb said “This is a difficult year with the pandemic creating unprecedented situations. I am certain we will see marked improvement in our performance in the following quarters with the conditions getting normalised.”
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