- 27 May 2022
- ICICIdirect Research
NMDC POSTS MUTED SET OF NUMBERS FOR Q4FY22
News: For the quarter, NMDC reported topline of Rs.6702 crore, up 14% QoQ but down 2% YoY, lower than our estimate of Rs. 6956 crore. EBITDA for the quarter was at Rs. 2684 crore, up 3% QoQ but down 37% YoY, lower than our estimate of Rs. 3120 crore. EBITDA/tonne for Q4FY22 was at Rs. 2185/tonne, down 43% YoY, 18% QoQ, lower than our estimate of Rs.2500/tonne. EBITDA margin for the quarter stood at 40.1% lower than our estimate of 44.9% (62% in Q4FY21 and 44.5% in Q3FY22). Ensuing Net profit for the quarter was at Rs. 1815 crore, down 36% YoY and 11% QoQ
Views: NMDC reported subdued set of numbers for Q4FY22, wherein topline, EBITDA and PAT came in below our estimate. Muted performance for the quarter was on account of lower than expected iron ore realisations. For Q4FY22, NMDC reported iron ore sales volume of 12.3 Million Tonnes (MT), up 11% YoY and 25% QoQ, broadly in line with our estimate of 12.4 MT. However the iron ore realisation for the quarter under review came in below our estimate. NMDC’s iron ore realisation for Q4FY22 was at Rs. 5364/tonne, down 13% YoY and 9% QoQ, lower than our estimate of Rs. 5610/tonne
Impact: Negative