MOIL Q2 net down 17% at Rs 90.56 cr

NEW DELHI: Country's top manganese ore producer MOIL today reported 16.64 per cent dip in net profit at Rs 90.56 crore during the July-September quarter, mainly on account of higher expenses.

The Nagpur-based PSU had reported Rs 108.65 crore net profit in the second quarter of last fiscal, 2012-13.

Its Q2, 2013-14 net sales declined marginally by 1.16 per cent to Rs 226.78 crore, vis-a-vis Rs 229.46 crore of the Q2, FY'13, MOIL said in a filing to the BSE.

The company's total expenses rose by 16.32 per cent to Rs 150.91 crore during the quarter, as against Rs 129.73 crore in the year-ago period.

The company produced 11.38 lakh tonnes of various grades of Manganese Ore in 2012-13.

MOIL is the largest producer of manganese ore in the country with a market share of 51 per cent.

MOIL scrip rose 2.39 per cent to close at Rs 235.65 on the BSE today.