- 14 Feb 2023
- ICICIdirect
REPORTS STEADY OPERATIONAL PERFORMANCE - NMDC LATEST QUARTERLY RESULT
NMDC - 73 Change: 1.39 (1.95 %)NMDC – Q3FY23 First Cut
(CMP- Rs 116, MCap- Rs 33980 crore)
Q3FY23 Earnings Summary
For Q3FY23, NMDC reported sales volumes 9.6 Million Tonnes (MT), up 14% QoQ however down 2% YoY, broadly in line with our estimate of 9.6 MT. Iron ore sales realisation for the quarter stood at Rs 3821/tonne, down 35% YoY and 2% QoQ (our estimate of Rs 3800/tonne). EBITDA/tonne for the quarter stood at Rs 1193/tonne, up 18% QoQ, however down 55% YoY (our estimate of Rs 1250/tonne)
For the quarter, NMDC’s standalone revenue from operations stood at Rs 3720 crore, up 12% QoQ however down 37% YoY, broadly in line with our estimate of Rs 3704 crore
Standalone EBITDA for the quarter stood at 1143 crore, up 34% QoQ however down 56% YoY (our estimate of Rs 1203 crore). EBITDA margin for the quarter stood at 30.7% as against our estimate of 32.5% (EBITDA margin of 44.5% in Q3FY22 and 25.7% in Q2FY23)
Ensuing Standalone PAT for the quarter stood at Rs 890 crore flattish QoQ (our estimate of Rs 941 crore). Consolidated PAT for the quarter stood at Rs 904 crore, up 2% QoQ
NMDC has announced first interim dividend of Rs 3.75/share. Record date for the purpose of payment of first interim dividend is February 24, 2023
View: NMDC is India’s largest merchant iron ore miner and also one of the lowest costs iron ore producer in the world. Since the start of the calendar year 2023, NMDC has increased the prices of both iron ore lumps and fines which would augur well for company’s financial performance, going forward.
Impact: Neutral