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NMDC Steel reported a net profit of Rs 25.6 crore in Q1 FY2024, reversing a loss last year
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Revenue from operations rose over 19% to Rs 3,365 crore in the April-June quarter
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Earnings before interest, taxes, depreciation, and amortisation stood at Rs 408 crore
NMDC Steel Ltd.'s shares jumped nearly 16% during early trade on Wednesday after the company swung to profit in the first quarter of the current financial year. Trading volume surged.
The PSU reported a net profit of Rs 25.6 crore in the April-June quarter, as compared to a loss of Rs 547 crore in the year-ago period. Revenue from operations stood at Rs 3,365 crore, up over 19% from Rs 2,838 crore from the corresponding quarter of the last fiscal.
On the operating side, NMDC Steel's earnings before interest, taxes, depreciation, and amortisation was Rs 408 crore, while margins stood at 12.1%.
Shares of NMDC Steel rose as much as 15.8% to Rs 41.5 apiece on the NSE, the highest since July 2. The benchmark Nifty 50 was up 0.4%.
The relative strength index was 64 and the total traded volume stood at 58 times the 30-day average, as per Bloomberg.
The stock has fallen 14% in the last 12 months and 25% on a year-to-date basis.
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