MOIL loses shine after PAT tumbles 54%

MOIL tumbled 3.73% after the state owned mining company announced disappointing Q3 numbers after market hours yesterday, 30 January 2020.

On a consolidated basis, net profit slumped 54% to Rs 55.46 crore in Q3 December 2019 as against Rs 120.27 crore reported in Q3 December 2018. Net sales declined 23% to Rs 256.22 crore in Q3 December 2019 over Rs 332.77 crore reported in Q3 December 2018.

Consolidated profit before tax (PBT) for Q3 December 2019 stood at Rs 74.33 crore, down by 60% from Rs 184.92 crore reported in Q3 December 2018. Tax expenses declined 71% to Rs 20.40 crore in Q3 FY20 from Rs 70.41 crore posted in Q3 FY19.

Meanwhile, the company declared an interim dividend of Rs 3 per equity share with the record date of 7 February 2020.

Earlier this month, the company revised prices of different grades of manganese ore effective from 1 January 2020. The prices of all grades of manganese ore having Mn-44% were increased by around 7.5% and all the other ferro grades of manganese ore having manganese below 44% were increased by around 10 % on the prices prevailing as on 31 December 2019.

MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The company operates through three segments: mining, manufacturing and power generation. The Government of India holds 65.69% stake in MOIL as on 31 December 2019.

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