[Ferro-Alloys.com] Mining major and state-run NMDC Ltd. has hiked prices for its lumps and fines and the revised prices are effective today, confirming a CNBC-TV18 newsbreak from earlier in the day.

NMDC has increased the lump ore prices by ?250 per tonne and fines prices by ?350 per tonne. CNBC-TV18 had reported about a price hike of the similar quantum.

This is the second price hike taken by the company in as many months.

NMDC had earlier hiked lump ore prices by ?400 per tonne and fines prices by ?200 per tonne in April.

Earlier, NMDC had cut prices of lumps and fines for the first time in Eight months in March this year.

The Navratna PSU reported its March quarter results on Monday, where revenue growth of 11% year-on-year was in-line with expectations.

However, its Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) missed expectations due to a higher royalty component and other expenses.

NMDC's royalty as a percentage of sales stood at 47% at the end of the quarter, compared to the 42% to 45% range in the comparable periods.

EBITDA margin also fell to 32.4% from 37% last year, and lower than the CNBC-TV18 poll of 38.6%.

NMDC also took an exceptional loss of ?30 crore during the quarter on account of interest on the penalty charged towards compensatory afforestation as demanded by the Ministry of Forests.

Shares of NMDC are recovering from the day's low, but are currently flat at ?262.80. The stock is up 25% so far in 2024.

First Published: May 28, 2024 CNBC-TV18

• [Editor:tianyawei]