MOIL Q1 profit declines 15% to Rs 89.88 crore

NEW DELHI: State-run manganese ore producer MOIL today reported 15 per cent fall in net profit at Rs 89.88 crore for the first quarter ended June 30, 2015-16.

It had posted net profit of Rs 106.05 crore in the April- June period of last fiscal, the company said in a BSE filing.

Net sales of the public sector undertaking fell by 8 per cent to Rs 184.62 crore for the quarter, from Rs 200.62 crore in the same period of 2014-15.

The 'Miniratna' PSU operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.

It caters to around 50 per cent of the total requirement of dioxide ore in India. At present, the annual production is around 1,093,363 tonnes.

MOIL has set up Ferro Manganese Plant of 10,000 tonnes per year (TPY) and Electrolytic Manganese Dioxide (EMD) Plant of 1000 TPY for value addition to manganese ore.

The company's stock rose 0.23 per cent to settle at Rs 237.85 on the BSE.