NMDC shares down nearly 2% post weak Q4 results

NMDC share price today NSE, NMDC share price target, NMDC Q4 results 2024: State-run iron ore producer National Mineral Development Corporation's shares declined on Tuesday, May 28, a day after the iron ore producer staged a weak March quarter performance. NMDC shares declined as much as nearly two per cent to the day's low of Rs 257.7 on NSE in morning deals. The counter closed at Rs 258.7, down 1.49 per cent on NSE.

NMDC Q4 results weak says Anil Singhvi

Zee Business Managing Editor Anil Singhvi pointed out that state-run miner NMDC's quarterly numbers fell short of analysts' expectations on the operational front. He expected some correction in the stock owing to the company's weak quarterly performance. 

NMDC Q4 results 2024: Net profit falls 38% 

NMDC posted a 38 per cent fall in its consolidated net profit to Rs 1,415.62 crore for the March quarter on account of increased expenses.

It had posted a profit of Rs 2,276.94 crore for the year-ago period, the company said in an exchange filing.

The company's total income rose to Rs 6,908.37 crore in the January-March period from Rs 5,842.52 crore in the same period a year ago. Its expenses surged to Rs 4,519.64 crore from Rs 3,794.18 crore in January-March FY23.

For the whole FY24 fiscal, the company's profit was at Rs 5,571.25 crore, higher than Rs 5,537.72 crore in 2022-23.

What does NMDC do?

Hyderabad-based NMDC is India's largest iron ore mining company catering to the country's around 20 per cent of the steel-making raw material.

(With PTI inputs)

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