New Delhi: Manganese Ore India Limited (MOIL), a schedule ‘A’ CPSE under Ministry of Steel, has reported 305 per cent 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 meeting, they also recommended payment of interim dividend at 30 per cent, that is, Rs 3 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 Covid-19 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 crore as against Rs 727.26 crore during corresponding period last year. The company also registered growth of 16 per cent in production as production of manganese ore increased from 7.41 lakh tonne to 8.57 lakh tonne during the said period.  

The company has achieved highest Q3 turnover and total income in the last four financial years. The net profit of the company at Rs 123.88 crore is the highest quarterly profit since FY2019-20. /BI/