Country's top manganese ore producer MOIL today saw its net profit more than doubled to Rs 97.73 crore on a standalone basis for the quarter ended June 30, 2017. The state-run firm had clocked a net profit of Rs 47.15 crore in the year-ago period. Total income of the mini ratna company during April-June quarter rose to Rs 381.66 crore from Rs 245.11 crore in the corresponding quarter a year ago. Its total expenses were at Rs 232.87 crore as compared to Rs 173.01 crore in June quarter last fiscal. MOIL produces and sells different grades of manganese ore.
It operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in Balaghat district, Madhya Pradesh. Shares of the company today ended 2.49 per cent lower at Rs 328.85 apiece on the BSE.
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