Company Update : NMDC Ltd By Motilal Oswal Financial Services Ltd
In-line revenue; high other expenses drag down earnings
* 4QFY25 revenue came in line with our estimate at INR70b, up 8% YoY and 7% QoQ, primarily driven by healthy volumes and NSR growth.
* Iron ore production stood at 13.3mt (flat YoY and QoQ), while sales stood at 12.7mt (+1% YoY and +6% QoQ) during the quarter.
* ASP for the quarter stood at INR5,530/t (+7% YoY and flat QoQ) as iron ore prices remained firm sequentially.
* EBITDA stood at INR20.5b (-2% YoY and -14% QoQ) against our estimate of INR24.5b, dragged down by high other expenses. EBITDA/t stood at INR1,620/t (-3% YoY and -19% QoQ).
* APAT for the quarter stood at INR14.8b (+3% YoY and -22% QoQ) against our estimate of INR19.8b.
* For FY25, the company reported revenue of INR239b (+12% YoY), EBITDA of INR81.5b (+12% YoY) and adj. PAT of INR65b (+13% YoY).
* Iron ore production for FY25 stood at 44mt (-2% YoY) with sales volume of 44.6mt (flat YoY growth).
* Average blended NSR for FY25 stood at INR5,325/t (+15% YoY). EBITDA/t grew by +11% YoY to INR1930/t.
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