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NMDC's Q4 net profit declined 38% YoY to ₹1,412 crore.
Revenue declined by 8.3% in the face of poor iron ore demand.
The company remains hopeful of recovery in demand in the future.
India's government-owned mining giant, NMDC Limited, saw its consolidated net profit in the fourth quarter of FY 2023-24 register a steep 38% decline. The company's net profit was ₹1,412 crore, down from ₹2,274 crore a year ago.
The fall was due to lower iron ore demand and softening global steel prices, impacting realizations. Operating revenue also decreased by 8.3% to ₹5,351 crore from ₹5,838 crore a year earlier.
Operational costs and volatile export demand also further compressed margins. further In spite of muted Q4 performance, NMDC was able to maintain good production levels, targeting stability in domestic supply.
In a release, the company underlined its commitment to operational efficiencies and long-term capacity addition projects to weather market downturns. NMDC's management continues to be bullish on demand pickup in the next quarters with infrastructure consumption and sustained steel sector activity in India.
The board of the company also approved a final dividend of ₹2.35 per share, affirming its support for shareholder returns despite short-term setbacks.
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