State-owned MOIL’s net profit has slipped 1 per cent during the April-December period of the current fiscal despite its manganese ore sales rising by 7.61 per cent to 8.37 lakh tonnes.
The net profit of the Nagpur-based firm declined by 1.29 per cent to Rs 293.40 crore during the period, compared to Rs 297.23 crore a year ago.
Attributing the dip to poor ferro manganese sales, which declined by nearly 32 per cent to Rs 44 crore, from Rs 65 crore a year earlier, a source said the net profit would have been in the positive zone had the sales volume of ferro manganese not gone down.
MOIL sold 7,360 tonnes ferro manganese during the April-December period of current fiscal compared to 11,655 tonnes in the same period a year ago, recording a 37 per cent decline.
Manganese ore sales, however, went up to 8.37 lakh tonnes compared to 7.78 lakh tonnes in the first nine months of the previous fiscal. In value-terms, it is worth of Rs 642 crore compared to Rs 622 crore a year ago.
“The decline in ferro manganese sales did not have much impact on the company’s turnover during the period as this was made up by the increase in manganese ore sales,” the source said.
The turnover of the company remained almost static at Rs 706 crore during April-December period of the current fiscal, up by 0.41 per cent over Rs 703 crore clocked in the same period last fiscal.