NMDC Q4 Review - Earnings Outlook Remains Strong: Motilal Oswal
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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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