Mumbai, September 24, 2024 : NMDC, India’s largest iron ore producer, conducted its 66th Annual General Meeting (AGM) today at its corporate office in Hyderabad. The meeting was chaired by Shri Amitava Mukherjee, CMD (Additional Charge), NMDC, who addressed the shareholders, highlighting the company’s record performance and its strategic roadmap for the future targets.
During the AGM, Shri Mukherjee emphasized NMDC’s commitment to delivering strong volumes and meeting the domestic iron ore demand. NMDC achieved the 45MT milestone in FY24, becoming the first iron ore mining company to achieve that target and also recorded a significant increase in sales, reaching 44.48 MT. The company’s revenue rose by 21% to Rs. 21,294 crores, with Profit After Tax (PAT) at Rs. 5,632 crores, a 2% increase from the previous year and the company’s EBITDA also saw a 28% growth.
Shri Amitava Mukherjee, CMD (Addl. Charge) stated, “NMDC’s operational excellence, financial prudence, and strategic agility have strengthened our position as a leader in the mining sector. Looking ahead, NMDC is committed to forging a path of sustainable growth and strategic capacity expansion, driven by an ambitious vision to reach 100 MT company by 2030.”
Global and Domestic Market Performance
Shri Mukherjee provided an overview of the global iron ore market, noting a stable production rate despite fluctuations due to geopolitical tensions. India recorded strong growth in iron ore production, and NMDC’s contribution to the sector was vital, securing a 16% market share in FY24.
Domestically, NMDC played a crucial role in supporting India’s infrastructure development, driven by a robust economic environment. India’s GDP growth for FY24 stood at 8.2%, significantly above the global average.
Operational Milestones and Strategic Projects
The company’s major mining projects in Chhattisgarh and Karnataka achieved their highest-ever annual production volumes. NMDC also made significant strides in resolving bottlenecks in pellet production and enhancing supply chain resilience, including the commencement of operations at its Kumar Marenga stockyard and the implementation of a 10 MTPA Rapid Wagon Loading System.
A notable achievement in FY24 was the commencement of gold mining at Mount Celia in Western Australia through its subsidiary, Legacy Iron Ore Limited. The company also resumed its operations at the Panna Diamond Mines in Madhya Pradesh.
Response to Climate Change and ESG Initiatives
NMDC reaffirmed its commitment to environmental sustainability, with ongoing efforts to reduce carbon emissions through eco-friendly ore transportation and renewable energy investments. Shri Mukherjee highlighted NMDC’s plan of laying a 15MTPA slurry pipeline, doubling the Kirandul-Kothavalasa railway line from 28 MTPA to 40 MTPA, and investing in solar and wind energy projects. NMDC is also exploring opportunities to mine critical minerals like lithium and cobalt.
The company’s ESG performance remains strong, with focused efforts on reducing greenhouse gas emissions, enhancing biodiversity conservation, and executing transformational CSR initiatives. NMDC’s flagship social programs, such as Shiksha Sahayog Yojana and Balika Shiksha Yojana, continue to make a positive impact in rural and tribal communities.
Corporate Governance and Strategic Outlook
Shri Mukherjee reiterated NMDC’s commitment to upholding the highest standards of corporate governance, ensuring transparency and accountability in its operations. NMDC’s long-term vision includes expanding its production capacity and contributing to India’s National Steel Policy, which aims to increase steel production capacity to 300 MT by that year.
“As we advance toward NMDC 2.0, we are guided by innovation, sustainability, and a shared purpose. Our new logo symbolizes our commitment to responsible mining and growth, and we are confident that with the support of our stakeholders, NMDC will continue to thrive,” said Shri Mukherjee.
The AGM concluded with shareholders expressing their continued support for NMDC’s ambitious growth plans and its dedication to creating long-term value for all stakeholders.
