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Manganese Ore India (MOIL) has approved financial results for the quarter and nine months that ended on 31st December 2022.
The Board of Directors of MOIL said that in Q3, the Profit After Tax (PAT) was higher by 45 per cent at Rs 39.52 crore compared to Q2 of the fiscal year 2023.
The company has registered a growth of 40 per cent by producing 3.37 lakh tonne as against 2.41 lakh tonne of manganese during the same tenure.
Further, the sales of manganese ore also increased from 2.06 lakh tonne to 2.97 lakh tonne (about 44 per cent) when compared to the second quarter of FY23.
Additionally, revenue from the operation has improved by 28 per cent from Rs 236 crore to Rs 302 crore in Q2 of FY23.
The production of ore has increased by 5 per cent from 8.57 lakh tonne to 9 lakh tonne during the nine months period.
The MOIL announced an interim dividend of Rs 3 per share for fiscal year 2023 on the face value of Rs 10 each which will amount to total Rs 61.05 crore.
Ajit Kumar Saxena, CMD, MOIL said that the company was geared up to register much better performance in the coming months.
MOIL is the largest producer of manganese ore in India and works under the central government. It has a market share of 45 per cent, operating eleven mines in the State of Maharashtra and Madhya Pradesh.