The government-owned iron ore manufacturer’s profit increased to Rs 1,649.91 crore in the April-June quarter as against Rs 1,473.03 crore in the year-ago period, according to an exchange filing. That compares with the Rs 1,435.72 crore consensus estimate of analysts tracked by Bloomberg.

NMDC’s operating profit from its primary iron ore business grew 12.8% YoY to Rs 5,323.71 crore, driven by 45% growth in iron ore sales volume to 11.15 million tonne in Q1 FY24. Iron ore production volume rose 20% YoY to 10.7 million tonne.

Average sales realisation fell 20% to Rs 4,850 per tonne.

Shares of NMDC closed 0.04% higher at Rs 113.75 apiece before the results were announced, as compared with a 0.59% decline in the NSE Nifty 50.