MOIL profit jumps 55 per cent in third quarter

Nagpur (Maharashtra) [India], February 2 (ANI): Miniratna company MOIL on Thursday posted a 55 per cent year-on-year jump in its profit after tax (PAT) to Rs 39.52 crore for the quarter ended December 2022, against the PAT incurredamount in the year-ago period.

The largest manganese-producing company in the country also said its PAT grew 45 per cent quarter-on-quarter to Rs 39.52 crore against the PAT incurred in Q2. The company has produced 3.37 lakh tonne, against 2.41 lakh tonne of manganese, which registered a 40 per cent growth during the same period.

Sales of manganese ore also increased by 44 per cent from 2.06 to 2.97 lakh tonnein comparison to the second quarter of FY23 (2022-23). Revenue from operations has shown improvements of 28 per cent from Rs 236 crore to Rs 302 crore during the same period.

In another major move of the company, MOIL’s board has also declared an interim dividend of Rs 3 per share for FY23 on the face value of Rs 10 each, amounting to a total of Rs 61.05 crore.

“The company was geared up to register much better performance in the coming months,” Ajit Kumar Saxena, Chairman and Managing Director, MOIL, said.

MOIL Ltd is a Miniratna category-1 CPSE under the administrative control of the ministry of steel.

MOIL is the largest producer of manganese ore in the country with a market share of 45%, operating eleven mines in the State of Maharashtra and Madhya Pradesh.
The company has an ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in the states of Gujarat, Rajasthan and Odisha, besides other areas in Madhya Pradesh.