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NMDC: Reports healthy performance for Q2FY22, aided by higher than expected EBITDA/tonne

News: For Q2FY22, NMDC’s revenue from operations was at Rs.6794 crore, up 205% YoY & 4% QoQ, higher than our estimate of Rs.5944 crore. EBIDTA for the quarter was at Rs.3115 crore, up 202% YoY but down 25%QoQ, higher than our estimate of Rs.2679 crore. Ensuing PAT came in at Rs.2341 crore, up 202% YoY but down 27% QoQ , higher than our estimate of Rs.2074 crore.

Views: NMDC reported a healthy set of numbers for Q2FY22 wherein topline, EBITDA & PAT came in higher than our estimates. During the quarter, NMDC reported iron ore sales volume of 9.0 million tonnes (MT), up 36% YoY but down 5% QoQ (in line with our estimate of 8.9 million tonnes). EBITDA/tonne came in at Rs.3466/tonne, higher than our estimate of Rs.3000/tonne (EBITDA/tonne of Rs.1560/tonne in Q2FY22 and Rs.4422/tonne in Q1FY22)