MOIL's standalone net profit jumped 36.9% to Rs 54.09 crore in Q3 FY24 as compared to Rs 39.51 crore recorded in Q3 FY23.
Revenue from operations increased 1.42% to Rs 306.30 crore in Q3 FY24 as compared to Rs 302 crore recorded in Q3 FY23.Profit before tax stood at Rs 76.35 crore in the quarter ended 31 December 2023, up 65.58% from Rs 46.11 crore recorded in Q3 FY23.
In Q3 FY24, the revenue from the mining products was Rs 293.89 crore (up 4.61% YoY) while revenue from Manufactured products was Rs 16.92 crore (down 32.10% YoY) and revenue from Power was Rs 3.62 crore ( down 17.41% YoY).
On 9M FY24 basis, the company's net profit jumped 19.19% YoY to Rs 202.19 crore on 13.13% increase in Revenue from operations to Rs 1,033.55 crore.
The company registered sales of 11.01 lakh MT of manganese ore with a significant growth of 40% YoY. It has achieved production of 12.73 lakh metric ton (MT) of manganese ore registering a growth of 41% YoY.
Despite adverse market conditions, witnessing reduction of around 16% in prices of Manganese ore during the nine months ended on 31st December 2023, PBT increased by 28% to Rs 274 crore on account of significant growth in production level.
MOIL has also achieved record production of Electrolytic Manganese Dioxide (EMD) during the nine months of the current year, registering a growth of 30% YoY. EMD is a 100% import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.
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The company has completed 60,870 meters of exploratory core drilling during April-December, 2023 as against 23400 meters during the corresponding period last year.
Meanwhile, the company's board has declared an interim dividend of Rs 3.50 per equity share for the financial year 2023-24. The record date is fixed on Saturday, 10 February 2024. The said interim dividend will be paid on Thursday, 29 February 2024.
MOIL is the largest producer and seller of different grades of Manganese Ore by volume in India. The company produces high, medium and low grade manganese ore. Also, they produce manganese dioxide and chemical grade manganese ore. All their mines are located in Central India, in States of Maharashtra and Madhya Pradesh, benefiting from well developed road and rail infrastructure. They are actively involved in Exploration and Development (E&D) activities with a view to increasing their proved manganese ore reserves.
Shares of MOIL were trading lower 4.10% to Rs 340.30 on the BSE.
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