Profit before tax (PBT) from operations was Rs 8,902 crore, compared to Rs 6,123 crore in CPLY, an increase of 45.37%. Profit after tax (PAT) increased by 73.21% from Rs 3,610 crore in fiscal year 20 to Rs 6,253 crore.
At NMDC, we have the operational agility required to absorb cyclical volatilities in the iron ore and steel industry and stay ahead on a growth trajectory – CMD, NMDC
Hyderabad: The NMDC, Navaratna’s PES under the Ministry of Steel, held its 63rd AGM on Thursday where it shared highlights of its spectacular performances achieved during very difficult times. The pandemic has accelerated some key trends that will lead to a shift in demand for steel. “The steel industry will see exciting opportunities arising from rapid developments through digitization and automation, infrastructure initiatives, urban center reorganization and energy transformation. At NMDC, we have the operational agility required to absorb the cyclical volatilities of the iron ore and steel industry and stay ahead on a growth path, ”said Shri Sumit Deb, President and CEO of NMDC.
Speaking to the company’s shareholders via video conference, Shri Deb shared the many records set by the NMDC team in FY21, including a record turnover of Rs 15,370 crore, the highest since the creation of the company. Profit before tax (PBT) from operations was Rs 8,902 crore, compared to Rs 6,123 crore in CPLY, an increase of 45.37%. Profit after tax (PAT) increased by 73.21% from Rs 3,610 crore in fiscal year 20 to Rs 6,253 crore.
As India’s largest iron ore miner, the NMDC stood ready to deal with the unexpected increase in domestic demand and was further supported by proactive government measures for a swift recovery. Shri Deb pointed out that record production and sales were also achieved by the NMDC team not spared the pain of a difficult second wave of this pandemic. During the year, NMDC reached its highest production of 34.15 MT and sales of 33.25 MT.
The company has a capital expenditure of Rs 3,720 crore slated for FY22. Sharing the progress of the company’s projects – installation of additional screening, doubling of the railway line and upgrading of transport and slurry pipelines, Shri Deb also focuses on the digital transformation of the company.
“The NMDC has made IT and digitization a strategic priority, working together to dramatically improve competitive advantage and efficiency. We expect technology, automation and data analytics to reinvent every aspect of our business – from mineral exploration to mining, from ore processing to product sales and distribution. “, did he declare. NMDC is the first CPSE to implement, despite the challenges of Covid-19, the Enterprise Resource Planning (ERP) solution on SAP S / 4 HANA in 21 months with minimal to near zero business disruption commercial.
Digital transformation at the NMDC will include a fleet management system, automatic sampling, vision enhancement systems to prevent accidents in foggy weather, and 3D volumetric laser scanners, improving productivity and operational safety. During the current financial year, the NMDC plans to reach a production of 47 MT. It will also begin mining coal from the two blocks allocated to it in the fourth quarter of fiscal 22. The first quarter of FY22 was extremely rewarding, NMDC achieved production of 8.91 MT and sales of 9.45 MT respectively – its best first quarter since inception. Total turnover from operations was Rs 6,512 crore and PAT to Rs 3,193 crore in the first quarter, also the best on record.
Publication date : 09-30-21