NMDC Q4 Review - Earnings Surge To Continue: Systematix
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Systematix Research Report
NMDC Ltd.’s Q4 FY21 adjusted Ebiitda of Rs 44.7 billion (200.4% YoY, 61.4% QoQ) was 6% above our estimates.
Net sales stood at Rs 68.5 billion (up 114.8% YoY, up 57.2% QoQ).
Iron ore production for the quarter was 12.3 million tonne (up 29.8% YoY, up 28.1% QoQ) with sales of 11.1 million tonne (up 28.8% YoY, up 18.1% QoQ).
Average sales realisation stood at Rs 6,169/tonne (up 66.8% YoY, 33.2% QoQ).
The cost of production (excluding selling expenses, royalty) was $7.4/tonne (down 49.5% YoY, down 30.7% QoQ).
We raise our FY22E/23E Ebitda by 71%/49% based on-
a sharp increase in iron ore prices,
higher volumes from the existing Chhattisgarh iron ore mines and the restart of seven million tonnes Donimalia, Karnataka iron ore mines.
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