Latest News | NMDC S Q1 PAT Down 55 Pc at Rs 533 Cr

Hyderabad, Aug 27 (PTI): NMDC Limiteds profit after tax for the first quarter ended June 30 slumped by 55 per cent to Rs 533 crore as both production and sales were impacted due to the COVID-19 lockdown, the state-owned miner said on Thursday.

The company had posted Rs 1,179 crore PAT in the corresponding quarter in 2019-20, it said in a release here.

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NMDCs turnover during the firstquarter was Rs.1,938 crore compared to Rs 3,264 crore during the corresponding quarter last fiscal, the company said.

Due to the nation-wide lockdown to contain the spread of coronavirus, both production and sales were impacted, it said.

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Commenting on the performance, NDMC Chairman and Managing Director Sumit Deb said this was 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 marked improvement in our performance in the following quarters with the conditions getting normalised," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)