MOIL Q3 results: Reports net profit of Rs 51 cr

MOIL Q3 results: Reports net profit of Rs 51 cr

NEW DELHI: Sate-owned manganese ore producer on Friday posted 7 per cent fall in consolidated net profit at Rs 51.38 crore for the quarter ended December 31, 2020.

The company had posted a net profit of Rs 55.45 crore during the same period a year ago, MOIL said in a BSE filing.

Total income during the quarter under review also fell to Rs 287.03 crore from Rs 301.08 crore in the year-ago period.

The company however managed to reduce its total expenses to Rs 217.05 crore as compared to Rs 226.75 crore in the year-ago quarter. MOIL, under Ministry of Steel, produces and sells different grades of manganese ore.

It operates 10 mines, six of which are located in Nagpur and Bhandara districts of Maharashtra, while four are in Balaghat district of Madhya Pradesh.

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