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Motilal Oswal Report
NMDC Ltd.'s net sales declined 27% YoY and 29% QoQ to Rs 48 billion in Q1 FY23 (inline). Iron ore sales were down 14% YoY and 36% QoQ to 7.8 million tonne.
The sharp correction in Q1 FY23 sales volume was on account of a reduction in steel production after the imposition of export duty on steel and pellets.
NMDC's Ebitda contracted by 55% YoY and 29% QoQ to Rs 19 billion, but was 17% ahead of our estimate, despite a higher than estimated royalty and cess (including additional royalty) of 23% due to a sharp decline in operating expenses, which fell 63% QoQ (38% below our estimate).
Ebitda/tonne declined by 48% YoY to Rs 2,434/tonne, but rose 11% QoQ led by 11% higher average selling price QoQ.
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