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MOIL Profit Increases by 55% in Q-3

Published: Feb 02, 2023

By TIOLCorplaws News Service

NEW DELHI, FEB 02, 2023: ON 31st January, 2023, the Board of Directors of MOIL approved financial results for the quarter and nine months ended on 31st December, 2022.

In the third quarter, profit after tax (PAT) at Rs. 39.52 crore was higher by 45% than 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 FY'23. Revenue from operation has shown improvements of 28% from Rs. 236 crore to 302 crore during the same period.

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

MOIL Board has also declared interim dividend of Rs. 3.00 per shares for FY'23 on the face value of Rs. 10.00 each, amounting to total Rs. 61.05 crore.

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

MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of 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 ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in the State of Gujarat, Rajasthan and Odisha besides other areas in the State of Madhya Pradesh.

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