Hyderabad: NMDC has produced 66.05 lakh tonnes and sold 62.75 lakh tonnes of iron ore during Q1FY21 effects of COVID Pandemic.
NMDC Profit Before Tax (PBT) for the Q1 of 2020-21 is Rs.759 crore against Rs.1913 crore during Q1 of 2019-20, decrease by 60% due to Covid-19 Pandemic. Similarly, Profit After Tax (PAT) for the Q1 2020-21 is Rs. 533 crore against Rs. 1179 crore during Q1 of 2019-20, decrease by 55%.
NMDC’s turnover during the 1st quarter of 2020-21 is Rs.1938 crore compared to the turnover of Rs.3264 crore of CPLY.
Impact of COVID 19 on the Performance of the Company: Due to nation-wide lockdown, both production & sales were impacted. There has been a loss of around 18.23 LT of Production and 23.94 LT of sales. This has resulted in an estimated loss in sales revenue of Rs.737 crore and PBT of Rs.317 crore
Nationally Iron Ore output in 2020-21 (Q1) is down by 45% due to Covid-19 Pandemic when compared with CPLY, whereas NMDC fall is 22%.
Further, NMDC produced around 20% of India’s total iron ore production for the period
2020-21(Q1).
Commenting on the performance, Shri Sumit Deb, CMD, NMDC said, “This is a difficult year with the pandemic creating unprecedented situations. I am happy that our performance remains stable despite the challenges we are facing. I am certain we will see a marked improvement in our performance in the following quarters with the conditions getting normalized.”
