MOIL Q1 net up 13% at Rs 112 cr

PSU reported net profit of Rs 99.41 crore in the same quarter of the previous fiscal

State-owned manganese ore producer MOIL Ltd today reported 12.68% rise in net profit to Rs 112 crore during the April-June quarter, largely due to increase in other income.

The Nagpur-based PSU had reported net profit of Rs 99.41 crore in the same quarter of the previous fiscal.

Its net sales declined marginally by 1.53% to Rs 238.87 crore during the quarter vis-a-vis Rs 242.57 crore of the Q1, FY'13, MOIL said in a filing to the BSE.

Company's Q1 expenditure, at Rs 130.53 crore, amounted to 54.64% of its net sales, while its tax outgo rose by nearly 21% to Rs 57.68 crore.

Other income of the company, largely interests earned on deposits, rose 17.39% to Rs 61.36 crore and aided MOIL in posting over 12% growth in net profit.

MOIL scrip rose 0.60% to close at Rs 185.55 on the BSE today.