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Manganese ore producer MOIL today reported a 123 per cent jump in its net profit to Rs 92.69 crore in the second quarter ended September 30, 2017.
The state-run miner had posted a net profit of Rs 41.47 crore in the year-ago period, it said in a regulatory filing.
During the July-September quarter, the company’s total income also saw an impressive rise of 31 per cent to Rs 329.15 crore as against Rs 251.94 crore during the same period a year ago.
Its expenses fell to Rs 185.45 crore during the said quarter, down 3 per cent from Rs 190.84 crore during the corresponding period last fiscal, the miniratna company said.
Steel Minister Chaudhary Birender Singh had said Steel PSUs are not holy cows and should step out of their comfort zone to perform and compete with private players.
“I have told my PSUs, especially those that produce steel, that there is a new environment where PSU is not a holy cow. You should perform and compete with your private players,” he had told PTI.
The minister warned that the PSUs cannot afford to sit on their laurels in the changing scenario in the world, the minister had said.
At present, MOIL operates 10 mines. Six are located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
Shares of the company today ended 1.47 per cent up at Rs 248.05 on BSE.
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