MOIL reported 97.93% fall in consolidated net profit to Rs 1.88 crore on 45.86% fall in total income to Rs 178.05 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) dropped 98.5% to Rs 2.12 crore in Q1 June 2020 as against Rs 140.10 crore in Q1 June 2019. Profit was weighed adversely by exceptional items of Rs 50 crore which included contribution towards PM Cares Fund and CM Relief Fund. The Q1 result was declared after market hours yesterday, 20 August 2020.
The state-owned company said that the COVID-19 pandemic and lockdown protocols have led to severe disruptions, affecting both the turnover and the profit during current reporting period.
The cost of production has gone up due to low volume of production during the first quarter of the current year during the COVID-19 outbreak. As the cost of production is more than net realisable value of inventory, the inventory has been valued at net realisable value as per the accounting policy of the company, the firm stated.
Shares of MOIL rose 1.18% to Rs 154.65 on BSE. 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 53.84% stake in MOIL as on 30 June 2020.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
