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News: For the quarter, NMDC's standalone revenue from operations was at Rs 5851 crore, up 57% QoQ but down 14% YoY (our estimate of Rs 5603 crore). Standalone EBITDA for the quarter was at Rs 2165 crore, up 89% QoQ but down 21% YoY (our estimate of Rs 2085 crore). During the quarter, NMDC reported exceptional income to the tune of Rs 1237.27 crore. Exceptional income includes a) Rs 957 crore from monitoring committee towards 10% of the amount withheld for the period January 1, 2019 to March 31, 2022, b) Rs 279.67 crore profit on strategic divestment of NINL (net off the gross amount of Rs 380.27 crore received against the amount invested in NINL of Rs 100.60 crore). Ensuing standalone PAT (after exceptional income) for the quarter was at Rs 2277 crore, up 22% YoY and 156% QOQ
View: NMDC reported a steady operational performance for Q4FY23 wherein aided by better-than-expected iron ore realisations, EBITDA/tonne of standalone operations came in higher than our estimates. Iron ore sales realisation for the quarter was at Rs 4663/tonne, up 22% QoQ, higher than our estimate of Rs 4500/tonne. EBITDA/tonne for the quarter was at Rs 1745/tonne, up 46% QoQ, higher than our estimate of Rs 1675/tonne. For Q4FY23, NMDC reported sales volumes 12.4 million tonnes (MT), up 30% QoQ and flattish YoY, broadly in line with our estimate of 12.5 MT
Impact: Positive