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 by 23% year-on-year (YoY) to reach 42.15 million tonnes (mt) in the last FY22. The company's sales rose by 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 by 12% to 13.84 mt, while the company sales grew to 12.34 mt, with a YoY increase of 12%. NMDC had reported iron ore production of 4.98 mt and sales of 4.21 mt for March 2022. Its production increased by 9%, while sales rose by 3% YoY in March. It is the highest production and sales numbers for the company in March. Chairman and Managing Director of NMDC, Sumit Deb, said that the company had achieved a record-breaking physical performance for FY22 on the back of a propelling expansion and investment strategy. The company's digitalisation drive will contribute to our improved performance and share the benefits with the stakeholders. He said that the central government is seeking to ramp up the domestic per capita steel consumption in India. NMDC will take up an enhanced role to strengthen raw material supply and give impetus to self-reliance in the mineral sector, contributing towards Atma Nirbhar Bharat. Image Source