NMDC, India’s largest iron ore producer, held its 66th Annual General Meeting (AGM) today at its corporate office in Hyderabad. The meeting was led by Shri Amitava Mukherjee, CMD (Additional Charge), who addressed shareholders, highlighting the company’s impressive performance and its future growth strategy.
During the AGM, Shri Mukherjee underscored NMDC’s achievement of a record 45 MT of production in FY24, becoming the first Indian iron ore mining company to do so. Sales also saw a significant boost, reaching 44.48 MT, while revenue surged by 21% to ₹21,294 crores. Profit After Tax (PAT) increased by 2% to ₹5,632 crores, and EBITDA rose by 28%. Shri Mukherjee emphasized the company’s focus on operational excellence, financial discipline, and strategic growth as it works toward becoming a 100 MT company by 2030.
Global and Domestic Market Performance
Shri Mukherjee provided an update on the global iron ore market, which remained stable despite challenges from geopolitical tensions. Domestically, NMDC maintained a strong 16% market share, playing a key role in India’s infrastructure development amidst an 8.2% GDP growth for FY24, well above the global average.
Operational Achievements and Strategic Projects
NMDC’s mining projects in Chhattisgarh and Karnataka set new production records. The company also made progress in addressing bottlenecks in pellet production and improving supply chain efficiency, including launching operations at its Kumar Marenga stockyard and implementing a 10 MTPA Rapid Wagon Loading System. Additionally, NMDC began gold mining at Mount Celia in Western Australia through its subsidiary, Legacy Iron Ore Limited, and resumed operations at the Panna Diamond Mines in Madhya Pradesh.
Climate Change Response and ESG Initiatives
Shri Mukherjee reaffirmed NMDC’s commitment to sustainability, with ongoing efforts to reduce carbon emissions, invest in renewable energy, and promote eco-friendly ore transportation. Key projects include a 15 MTPA slurry pipeline and expansion of the Kirandul-Kothavalasa railway line. NMDC is also exploring opportunities to mine critical minerals such as lithium and cobalt, while maintaining strong environmental, social, and governance (ESG) performance through initiatives like Shiksha Sahayog Yojana and Balika Shiksha Yojana.
Corporate Governance and Strategic Vision
Shri Mukherjee reiterated NMDC’s focus on maintaining high standards of corporate governance, transparency, and accountability. Looking forward, the company aims to expand its production capacity and contribute to India’s National Steel Policy, which targets 300 MT of steel production capacity by 2030. He also emphasized NMDC’s commitment to innovation, sustainability, and responsible mining as the company transitions into “NMDC 2.0.”
The AGM concluded with shareholders expressing their continued support for NMDC’s ambitious plans and its dedication to creating long-term value for all stakeholders.
