MOIL Q2 Results: Profit grows manifold to Rs 60 cr in July-September quarter

State-owned miner MOIL on Wednesday said its net profit jumped manifold to Rs 60.23 crore during the quarter ended on September 30 mainly on account of reduced expenses.

The company had posted a net profit of Rs 7.33 crore in the July-September period of the last fiscal year.

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Total income of the company was marginally up at Rs 334.10 crore in July-September 2021 against Rs 333.20 crore in the same quarter a year ago, according to a regulatory filing.

Its total expenses were at Rs 255.54 crore in the second quarter of FY22 as against Rs 324.56 crore in the year-ago quarter.

According to the company filing, the board of the company has also approved a proposal "to buyback 3,38,42,668 (3.38 crore) equity shares of face value of Rs 10 each ... At a price of Rs 205 per equity share. The buyback offer price payable in cash for an aggregate consideration not exceeding Rs 693,77,46,940 (Six hundred ninety three crore seventy seven lakh forty six thousand nine hundred forty only)".

MOIL Ltd, under the Ministry of Steel, is the largest producer of manganese ore in the country. The company owns and operates 11 mines in Maharashtra and Madhya Pradesh.