NMDC Steel reported a widening loss of INR 595.37 crore (USD 70.5 mln) for the September quarter, driven by a surge in expenses. In the same period last year, the company posted a loss of INR 131.10 crore, according to its exchange filing.
The company’s total income increased significantly to INR 1,535.46 crore (USD 181.9 mln) from INR 290.27 crore a year earlier. However, NMDC Steel’s expenses also rose sharply, reaching INR 2,364.39 crore (USD 278 mln) in the second quarter of the current fiscal year, up from INR 464.93 crore in the same period last year.
NMDC Steel Ltd, formed through the demerger of mining firm NMDC, owns and operates the 3 mln-ton Nagar Steel Plant in Nagarnar, Chhattisgarh. The plant produces a range of hot-rolled steel products, including low-carbon, HSLA, dual-phase, and API grades, with thicknesses ranging from 1mm to 16mm. The Nagarnar Steel Plant features a 1650mm wide thin slab caster, the widest mill in the public sector.
1 USD / 84.4 INR
