Despite the adverse impact of Covid second and third wave, India’s leading steel manufacturing public sector company, MOIL (The Manganese Ore India Ltd) reported a 305 % increase in its net profit to Rs 245.91 crore in against the net profit of Rs 60.59 crore in the previous year.
The Company claimed that they have also recommended payment of an interim dividend @ 30 % for the year 2021-22 as against the interim dividend of @ 25 % paid last year.
According to the Union Steel Ministry, the company has been able to record excellent performance with better product planning and marketing strategy. During the first three quarters, the company increased its revenue from operations to Rs 968.41 crore as against Rs 727.26 crore during the corresponding period last year.
The company also registered a growth of 16% in production as production of manganese ore increased from 7.41 lakh tonnes to 8.57 lakh tonnes during the said period.
The company has achieved the highest Q3 turnover and total income in the last four financial years. The net profit of the company at Rs 123.88 crore is the highest quarterly profit since FY2019-20.