MOIL Posts 15% Fall in Q1 Profit

New Delhi: Manganese ore producer MOIL on Wednesday reported a 15 per cent fall in net profit at Rs 89.88 crore for the fiscal first quarter that ended on June 30, 2015.

The state-run company had registered a net profit of Rs 106.05 crore for the corresponding period a year ago, it said in a filing to the BSE.

Net sales of the public sector undertaking fell 8 per cent to Rs 184.62 crore for the quarter, from Rs 200.62 crore a year ago.

The 'Miniratna' PSU operates 10 mines, of which, six are 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 a ferro-manganese plant of 10,000 tonnes per year (TPY) and an electrolytic manganese dioxide (EMD) plant of 1000 TPY for value addition to manganese ore.

Shares in MOIL, on Wednesday, ended 0.23 per cent higher at Rs 237.85 apiece on the BSE.