NDMC records a production hike of 23% YoY to 42.15 mt in FY22

India's largest iron ore producer, National Mineral Development Corporation Limited (NMDC), announced that its production increased 23% year-over-year (YoY) to 42.15 million tonnes (mt) in last FY22.

Company sales increased 22% to 40.70 mt during FY21-22. NMDC is a Central Public Sector Enterprise (CPSE) under the Ministry of Steel.

During the fourth quarter (Q4) of FY22, the company's production capacity increased 12% to 13.84 million tons, while the company's sales grew to 12.34 million tons, up 12% year-over-year.

NMDC had reported iron ore production of 4.98 million tons and sales of 4.21 million tons for March 2022. Production rose 9%, while sales rose 3% in March. These are the company's highest production and sales figures in March.

NMDC Chairman and Chief Executive Officer, Sumit Deb, said the company had achieved a record-breaking physical performance for FY22 thanks to a propelling expansion and investment strategy. The company's drive to digitize will contribute to our improved performance and share the benefits with stakeholders.

He said the central government is aiming to increase domestic steel consumption per capita in India. NMDC will take on an enhanced role to strengthen the resource supply and boost self-reliance in the mineral sector, thus contributing to Atma Nirbhar Bharat.