Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
MOIL's standalone net profit increased 36.9% to ₹54.09 crore in Q3 FY24 from ₹39.51 crore in Q3 FY23. Compared to ₹302 crore in Q3 FY23, revenue from operations increased by 1.42% to ₹306.30 crore in Q3 FY24.
In Q3 FY23, profit before tax was ₹76.35 crore, a 65.58% increase from ₹46.11 crore. In Q3 FY24, the revenue from mining products was ₹293.89 crore (increased 4.61% YoY), while revenue from manufactured products was ₹16.92 crore (down 32.10% YoY), and revenue from power was ₹3.62 crore (down 17.41% YoY). On 9M FY24 basis, the company's net profit jumped 19.19% YoY to ₹202.19 crore on 13.13% increase in Revenue from operations to ₹1,033.55 crore.
The company registered sales of 11.01 lakh MT of manganese ore, a significant 40% YoY growth. It has achieved production of 12.73 lakh metric tons (MT) of manganese ore, registering a 41% YoY growth. Despite adverse market conditions, which saw a reduction of around 16% in the prices of Manganese ore during the nine months ended 31 December 2023, PBT increased by 28% to ₹274 crore on account of significant growth in production level.
MOIL has also achieved record production of Electrolytic Manganese Dioxide (EMD) during the nine months of the current year, registering a growth of 30% YoY. EMD is a 100% import substitution product used mostly for pharmaceuticals and the manufacturing of batteries.
The company has completed 60,870 meters of exploratory core drilling from April to December 2023, as opposed to 23,400 meters during the corresponding period last year. Meanwhile, the company's board has declared an interim dividend of ₹3.50 per equity share for the financial year 2023-24. The record date is fixed on Saturday, 10 February 2024. The said interim dividend will be paid on Thursday, 29 February 2024.
Also Read : Hindustan Copper metal concentrate output grows 11%; ore production up 13% in FY'24 Vedanta's net profit dips 18% to ₹2,013 crore in Q3
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