BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
NMDC is a play on strong iron ore prices and volumes, well-reflected in its Q4 FY21 result.
Revenue/Ebitda/Adjusted profit after tax rose 57%/53%/51% QoQ (in-line) to Rs 68.5 billion/Rs 42.4 billion/Rs 31.8 billion in Q4 FY21 on higher volumes and realisation.
Sales volumes stood at 11.1 million tonne, up 29% YoY and 19% QoQ.
The Donimalai mines resumed operations in Q4 FY21 and contributed 0.44 million tonne (4%) to volumes.
Export volumes increased 23% YoY to 0.82 million tonne.
We raise our FY22/FY23 Ebitda forecast by 61%/38% to factor in higher pricing and volumes.
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