Appointment of Chief Financial Officer (CFO) of NMDC Steel Limited.
Awaiting price reaction for this filing.
NMDC Steel Limited reported audited results for FY25 showing revenue from operations of Rs 8,503 crore (nearly 2.8x growth over FY24's Rs 3,049 crore) but a wider net loss of Rs 2,374 crore versus Rs 1,560 crore loss in FY24. Q4 FY25 revenue was Rs 2,838 crore with a loss of Rs 473 crore, an improvement from the Rs 861 crore loss in Q4 FY24. The Board also designated K. Raj Shekhar, currently General Manager (Finance), as Whole Time CFO and Key Managerial Personnel until a new Whole Time Director (Finance) takes charge. Statutory auditors Sharad & Associates issued an unmodified opinion, though the company flagged rising finance costs, credit rating downgrades (to ICRA BBB+ with developing implications and Ind A-/Negative), and a sharp revision in term loan interest to 12.45% from March 2025.
Despite strong revenue growth since commercial operations began in August 2023, the company remains deep in the red, which is a concern for shareholders. The interim CFO arrangement and the ongoing government strategic disinvestment (50.79% stake sale with management control) add governance and ownership uncertainty. Short-term stock reaction may be muted given continued losses, though revenue trajectory is positive.