Home / Companies / Company Results /  MOIL net profit falls 68% YoY to 39.5 crore in December quarter

New Delhi: State-owned miner MOIL on Thursday said that its quarterly net profit fell 68.1% year-on-year to 39.52 crore in the quarter ended December. The company reported a profit of 123.88 crore in the corresponding period of last year.

In the third quarter, the profit after tax was 45% higher than the second quarter of FY23, the Ministry of Steel said in a statement.

Net sales fell 16.89% to 302 crore in the October-December quarter. The revenue from operations, however, rose 28% sequentially from 236 crore.

Earnings before interest, taxes, depreciation and amortization or Ebitda stood at Rs. 76.20 crore in December, down 59.98% from a year ago.

“The company has produced 3.37 lakh tonne, against 2.41 lakh tonne of manganese, which registered a 40% growth during the same period. Sales of manganese ore also increased by 44% from 2.06 to 2.97 lakh tonne in comparison to the second quarter of FY23 (2022-23)," it added.

According to the ministry, during the nine months period, the production increased by 5% from 8.57 lakh tonne to 9.00 lakh tonne despite extended rainy season up to the beginning of the third quarter.

Meanwhile, MOIL’s board has declared an interim dividend of 3 per share for FY23 on the face value of 10 each, amounting to a total of 61.05 crore.

“The company was geared up to register much better performance in the coming months," Ajit Kumar Saxena, chairman and managing director, MOIL, said.

MOIL, is the largest producer of manganese ore in the country with a market share of 45%, operating eleven mines in Maharashtra and Madhya Pradesh.

The company plans to almost double its production to 3.00 million tonne by 2030. MOIL is also exploring business opportunities in Gujarat, Rajasthan and Odisha besides other areas in Madhya Pradesh.

Shares of MOIL fell 1.5% to close at 160.60 on the BSE on Thursday.

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