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Systematix Research Report
NMDC Ltd.'s Q1 FY22 adjusted Ebitda of Rs 41.8 billion (347% YoY, down 6.5% QoQ) was 12% above our estimates.
Net sales stood at Rs 65.1 billion (up 236% YoY, down 4.9% QoQ).
Iron ore production for the quarter was 8.9 million tonne (up 5% YoY, down 28% QoQ) with sales of 9.4 million tonne (up 47% YoY, down 15% QoQ), largely in-line with estimates.
NMDC's average sales realisation stood at Rs 6,892/tonne.
The cost of production (excluding selling expenses, royalty) was $3.9/tonne.
We maintain our FY22E/23E Ebitda at 149 billion/126 billion based on-
a sharp increase in iron ore prices,
higher volumes from the existing Chhattisgarh iron ore mines and the restart of the seven million tonnes Donimalai, Karnataka iron ore mines.
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