The Manganese Ore (India) Limited (MOIL), a schedule ‘A’ CPSE under Ministry of Steel reported 305% jump in its net profit at Rs 245.91 crore for nine months ended December 31, 2021, as against Rs 60.59 crore in previous year. Meeting of the Board of Directors of MOIL Limited approved financial results of the company for the quarter and nine months ended December 31, 2021.
In the said meeting, they also recommended payment of interim dividend @ 30 % (i.e., Rs. 3.00 per share) for the year 2021-22. The company had paid interim dividend of Rs. 2.50 each previous year.
Despite adverse impact of second and third wave of Covid19 affecting the operational activities of the company, MOIL has been able to record excellent performance with better product planning and marketing strategy. During the said nine months period, the company recorded Revenue from operations at Rs. 968.41 crores as against Rs. 727.26 crores during corresponding period last year. The company also registered growth of 16% in production as production of manganese ore increased from 7.41 lakh tonnes to 8.57 lakh tonnes during the said period.
The company has achieved highest Q3 turnover and total income in last four financial years. The net profit of the company at Rs. 123.88 crores isthe highest quarterly profitsince FY2019-20.