Sale of iron ore was 8.62 MT as against 10.16 per cent in the year ago period, a drop of 15 per cent | Representative Image
Mining major NMDC's profit before tax (PBT) dropped by 33 per cent to Rs 1,482 crore during the fourth quarter ended March 31, 2020, from Rs 2,197 crore, a year ago. Profit after tax (PAT) dropped by 76 per cent to Rs 351 crore from Rs 1,454 crore, compared to the same period last year.
NMDC’s turnover during the fourth quarter was Rs 3,187 crore compared to a turnover of Rs 3,643 crore in the corresponding period last year, a drop of 13 per cent.
The company said that the nationwide lockdown, imposed towards the end of March, impacted its performance, leading to aloss of around 1 million tonnes (MT) of production and 0.55M T of sales in March 2020. . This resulted in an estimated loss in sales revenue of Rs 220 crore and a loss in PBT amounting to Rs 120 crore.
The company’s production of iron ore during the fourth quarter was 9.47 million tonnes (MT) as against 10.5 MT in the corresponding period of the previous year, registering a decrease of 11 per cent, while sales of iron ore was 8.62 MT as against 10.16 per cent in the year ago period, a drop of 15 per cent.
“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," said N Baijendra Kumar, CMD, NMDC.