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Prabhudas Lilladher Report
NMDC Ltd. reported Q2 FY22 Ebitda below our estimates by 6% while above consensus estimates by 9%.
Miss was largely due to higher than expected costs. Global iron ore prices witnessed steep decline of ~50% in last six months due to steel output cuts in China.
We believe that domestic iron ore prices would decline by 10-15% due to weakness in global iron ore prices and contraction in steel mill’s margins with sharp increase in coking coal cost.
However, NMDC domestic iron ore supplies would remain uncertain due to surrender of auctioned mines and low visibility on production by state public sector undertakings in Odisha.
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