NMDC shares tumble 3% after sequential profit drop in Q4. Should you stay invested?
Shares of
NMDC
fell as much as 2.8% on Wednesday to Rs 70.70 on the BSE after the state-owned miner reported a sharp sequential decline of 23% in March-quarter earnings, triggering concerns over cost pressures and pricing headwinds. The profit drop came despite healthy year-on-year growth in revenue and sales volumes.
NMDC posted a standalone net profit of Rs 1,496.16 crore for the quarter ended March 2025, rising just over 2% from Rs 1,462.03 crore a year earlier. However, the profit marked a 23% fall from Rs 1,943.51 crore in the preceding December quarter, reflecting the impact of weaker
iron ore
prices and higher operating expenses.
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Total income grew 9% year-on-year to Rs 7,497.17 crore from Rs 6,908.37 crore in Q4 FY24. Of this, iron ore sales contributed Rs 6,350.49 crore, while Rs 662.07 crore came from pellets and other minerals. NMDC's quarterly iron ore production stood at 13.31 million tonnes (MT), with sales volumes of 12.67 MT.
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For the full fiscal year FY25, the company reported a net profit of Rs 6,538.82 crore, up more than 17% from Rs 5,571.25 crore in FY24. Total income rose to Rs 25,498.84 crore from Rs 22,678.73 crore in the previous fiscal.
The company's board of directors proposed a final
dividend
of Rs 1 per share, subject to shareholder approval. This comes on top of the Rs 2.30 per share interim dividend already paid for FY25.
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Brokerage Motilal Oswal retained its 'buy' rating on NMDC stock but flagged concerns over margin compression, adding that the state-owned miner missed its earnings estimates driven by high expenses.
'4QFY25 revenue came in line with our estimate at Rs 70 billion, up 8% YoY and 7% QoQ, primarily driven by healthy volumes and NSR growth,' the brokerage said. It added, 'EBITDA stood at Rs 20.5 billion (-2% YoY and -14% QoQ) against our estimate of Rs 24.5 billion, dragged down by high other expenses.'
The brokerage noted that the iron ore production was 13.3 MT (flat YoY and QoQ), while sales stood at 12.7 MT (+1% YoY and +6% QoQ). Average selling price (ASP) during the quarter was Rs 5,530 per tonne, up 7% year-on-year and flat sequentially.
'APAT for the quarter stood at Rs 14.8 billion (+3% YoY and -22% QoQ) against our estimate of Rs 19.8 billion,' the brokerage noted.
Amitava Mukherjee, Chairman and Managing Director, NMDC, said the company remains on track to achieve its long-term capacity targets. 'Our focus has always been on consistent, year-on-year progress to reach the final milestone of 100 MTPA in the next five years.'
He added that in the current quarter, NMDC's focus remains on 'innovation, sustainability, and value creation' as it works toward strategic growth goals.
Shares of NMDC had gained nearly 11% over the past month and are up around 10.5% year-to-date.
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