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NMDC to pay huge dividend

NMDC to pay huge dividend
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The National Mineral Development Corporation (NMDC) Board at its meeting here on Friday recommended second interim dividend of 425 per cent in addition to the first interim dividend of 300 per cent for the year 2014-15. The total interim dividend so far is 725 per cent for the year 2014-15.

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Hyderabad: The National Mineral Development Corporation (NMDC) Board at its meeting here on Friday recommended second interim dividend of 425 per cent in addition to the first interim dividend of 300 per cent for the year 2014-15. The total interim dividend so far is 725 per cent for the year 2014-15.

The company’s production of iron ore during the third quarter was 8.11 million tonnes (MT) registering a growth of more than 11 per cent over the corresponding period last year (CPLY) while sales of iron ore was 6.97 MT, which is about five per cent less than that of the CPLY.

The NMDC has posted a turnover of Rs 2,946 crore, representing an increase of four per cent in turnover of CPLY. The NMDC has recorded profit before tax (PBT) of Rs 2,420 crore and profit after tax (PAT) of Rs 1,593 crore in the third quarter of 2014-15, which is two per cent more in both the cases over the CPLY.

The company’s production of iron ore for the year 2014-15 was 22.50 MT registering a growth of 12 per cent over the CPLY while sales of iron ore was 22.83 MT, which was eight per cent more than that of the CPLY. The NMDC’s turnover for the year 2014-15 up to nine months was Rs 9,528 crore, besides PBT of Rs 7,704 crore and PAT of Rs 5,075 crore representing an increase of 17 per cent in turnover and increase of 14 per cent each in PBT and PAT over the CPLY.

The NMDC has registered best-ever third quarter performance in terms of production of iron ore and turnover and also best-ever nine months ended performance in terms of production and sales of iron ore and turnover. The third quarter results for 2014-15 were approved by the Board of Directors of the Company under the chairmanship of Narendra Kothari at its meeting held on Friday.

Speaking on the occasion, Narendra Kothari, CMD said that the NMDC was putting its concerted efforts to attain its target of reaching iron ore production of 75 MTPA by 2018-19 so as to meet the demand of the domestic steel industry.

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