NMDC held its 66th Annual General Meeting (AGM) at its corporate office in Hyderabad. The meeting, chaired by Amitava Mukherjee, CMD (Additional Charge), spotlighted the company’s record-breaking performance in FY24 and laid out its strategic goals to become a 100 million tonne (MT) company by 2030. Mukherjee, addressing the shareholders, emphasised NMDC’s commitment to delivering strong volumes and meeting the increasing domestic iron ore demand.
In FY24, NMDC reached a historic production milestone of 45 MT, becoming the first Indian iron ore mining company to achieve this target. The company also saw a notable rise in sales, achieving 44.48 MT. Revenue surged by 21%, reaching Rs. 21,294 crores, while Profit After Tax (PAT) grew by 2%, standing at Rs. 5,632 crores. NMDC’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) recorded an impressive 28% growth. Speaking on the company’s performance, Mukherjee 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 by 2030.”
Mukherjee also provided insights into the global and domestic iron ore markets, noting that despite geopolitical tensions, global production rates remained stable. India, in particular, recorded robust growth in iron ore production, with NMDC contributing a substantial 16% market share in FY24. Domestically, the company played a critical role in supporting India’s infrastructure development, spurred by the country’s strong economic growth, which saw GDP increase by 8.2%, surpassing the global average.
The AGM also highlighted several operational milestones and strategic projects. NMDC’s major mining operations in Chhattisgarh and Karnataka achieved record production levels, while the company made strides in addressing challenges in pellet production and improving supply chain resilience. Significant developments included the commencement of operations at the Kumar Marenga stockyard and the implementation of a 10 MTPA Rapid Wagon Loading System. Additionally, NMDC’s subsidiary, Legacy Iron Ore Limited, marked a significant achievement with the start of gold mining operations at Mount Celia in Western Australia. The company also resumed mining activities at the Panna Diamond Mines in Madhya Pradesh.
As part of its response to climate change, NMDC reaffirmed its dedication to environmental sustainability and reducing carbon emissions. The company has made substantial progress in eco-friendly ore transportation and renewable energy investments, including plans for a 15 MTPA slurry pipeline and expanding the Kirandul-Kothavalasa railway line capacity from 28 MTPA to 40 MTPA. Mukherjee also outlined the company’s ambitions to explore mining opportunities for critical minerals such as lithium and cobalt. NMDC’s Environmental, Social, and Governance (ESG) performance remains robust, with a strong focus on reducing greenhouse gas emissions, conserving biodiversity, and executing social responsibility programs. Flagship initiatives such as the Shiksha Sahayog Yojana and Balika Shiksha Yojana continue to impact rural and tribal communities positively.
In terms of corporate governance, Mukherjee reiterated NMDC’s commitment to maintaining the highest standards of transparency and accountability in its operations. The company’s long-term vision includes expanding production capacity and contributing to India’s National Steel Policy, which aims to raise the country’s steel production capacity to 300 MT by 2030. Mukherjee added, “As we advance toward NMDC 2.0, we are guided by innovation, sustainability, and a shared purpose. Our new logo symbolises our commitment to responsible mining and growth, and we are confident that with the support of our stakeholders, NMDC will continue to thrive.”
The AGM concluded on a positive note, with shareholders expressing strong support for NMDC’s ambitious growth plans and its dedication to creating long-term value for all stakeholders.
