MOIL stock dips nearly 4% despite strong Q3FY22 earnings, PAT rises by a robust 305% yoy

14 Feb 2022 , 02:11 PM

Govt-owned Manganese Ore (India) Limited (MOIL) reported a 305% jump in its net profit at Rs 245.91 crore for nine months ended December 31, 2021, as against Rs 60.59 crore in the previous year.

As per the Ministry of Steel, despite the adverse impact of the second and third wave of Covid19 affecting the operational activities of the company, MOIL has been able to record excellent performance with better product planning and marketing strategy. During the said nine months period, the company recorded revenue from operations at Rs. 968.41 crores as against Rs. 727.26 crores 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 crores is the highest quarterly profit since FY2019-20.

MOIL’s board of directors have recommended payment of interim dividend @ 30 % (i.e., Rs. 3.00 per share) for the year 2021-22. The company had paid an interim dividend of Rs. 2.50 each previous year.

At around 2.09 pm, MOIL was trading at Rs178.70 per piece down by 3.7% on BSE. The stock has touched was near the intraday low of Rs178.60 per piece.