Net profit of MOIL increased by 55%

Feb 02: On 31st January 2023, the Board of Directors of MOIL approved financial results for the quarter and nine months that ended on 31st December 2022.

In the third quarter, profit after tax (PAT) at Rs. 39.52 crore was higher by 45% than in the second quarter of FY’23. The company has produced 3.37 lakh tonnes as against 2.41 lakh tonnes of manganese registering growth of 40% during the same period. Sales of manganese ore also increased by 44% from 2.06 to 2.97 lakh tonnes in comparison to the second quarter of FY23. Revenue from the operation has shown improvements of 28% from Rs. 236 crores to 302 crores during the same period.

During the nine months period, the production has increased by 5% from 8.57 to 9.00 lakh tonnes despite the extended rainy season up to the beginning of the third quarter.

MOIL Board has also declared an interim dividend of Rs. 3.00 per share for FY’23 on the face value of Rs. 10.00 each, amounting to a total of Rs. 61.05 crores.

 “The company was geared up to register much better performance in the coming months,” Shri Ajit Kumar Saxena, CMD MOIL said.

MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India. 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 the State of Madhya Pradesh.

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