MOIL Q1 net up 12.68% at Rs 112 cr

NEW DELHI: State-owned manganese ore producer MOIL Ltd today reported 12.68 per cent 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 per cent 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 per cent of its net sales, while its tax outgo rose by nearly 21 per cent to Rs 57.68 crore.

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

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