Volume growth drives performance; outlook robust

11 Mar 2024
5 Min read 
  • NMDC's 3QFY24 results show strong performance with revenue growth of 45% YoY.
  •  Blended ASP stood at INR4,748/t, higher than estimated.
  •  EBITDA was up 76% YoY, beating estimates.
  •  NMDC's production and sales volumes also increased YoY.
  •  The company has maintained its FY24 and FY25 production targets.
  •  Valuations remain attractive with a buy rating and a revised TP of INR280.
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