MOIL net profit up 8% in Apr-Feb

Company had reported 360 crore net profit in the corresponding period last fiscal

State-run manganese ore producer MOIL Ltd, recently upgraded to a Schedule A company, clocked a 8.35% rise in profit after tax at Rs 390.53 crore in the first 11 months of the current fiscal.

The company, formerly known as Manganese Ore (India) Ltd, had reported Rs 360.44 crore net profit in the corresponding period last fiscal, an official source said.

Total revenue of the country's largest manganese ore producer also went up by over 8% to Rs 1,112.12 crore during the period compared to Rs 1,027.11 crore a year ago.

Manganese ore contributed the highest to the revenue at Rs 817.62 crore clocking a 6.92% growth over Rs 764.73 crore reported during the 11-month period of the last fiscal.

Ferro Manganese sales went up to Rs 50.53 crore from Rs 49.14 crore a year ago while Electrolytic Manganese Di-oxide (EMD) sales rose to Rs 7.58 crore.

A Rs 216 crore 'other income' compared to Rs 190 crore a year earlier also helped the company to raise its revenue.

Profit before tax of the company during April-February period rose by 9.73% to Rs 591.63 crore compared to Rs 539.15 crore a year earlier.

MOIL was formed in 1962 and was last upgraded to Schedule B category in 2002. It has been a profit-making company over the last two decades. MOIL operates 10 major mines in Central India. With effect from January 28, the company was upgraded to a Schedule A company.

The annual production of MOIL currently stands at about 1.2 million tonne (MT) and the company aims to ramp it up to 2.2 MT by 2020-21.