Nagpur-based manganese ore miner MOIL Ltd reported a 70 per cent increase in net profit at ₹92 crore for the quarter ended March 31, 2024 against ₹54 crore in the year-ago quarter.

Revenue from operations saw a slight dip of 3 per cent to ₹416 crore, on account of lower net sales realisation.

For the full year, the mini-ratna company saw its net profit rise 17 per cent y-o-y to ₹293 crore in FY24. The profit in the year-ago-period was ₹251 crore. Revenue for the period under review saw a 8 per cent growth y-o-y to ₹1,450 crore.

Highest production

During the year, MOIL recorded a manganese ore production of 17.56 lakhs tonnes – highest since its inception – and up 35 per cent y-o-y.

“(The company) achieved best ever production of electrolytic manganese dioxide (EMD) higher by 28 per cent y-o-y.,” it said in a statement.

Capital expenditure stood at ₹316 crore in FY24.

The board recommended final dividend of ₹2.55 per share. Thus, total dividend for the year is ₹6.05 per share

According to Ajit Kumar Saxena, CMD, MOIL, is “fully committed towards investing in its expansion and growth”.