Country’s top manganese ore producer MOIL today reported 35.67 per cent increase in net profit at ₹ 149.35 crore for the quarter ended March 31, 2014, largely due to rise in sales and decrease in expenses.
The Nagpur-based PSU had reported a net profit of ₹ 110.08 crore during the corresponding quarter of 2012-13.
Its net sales rose by 9.44 per cent during the quarter at ₹ 292.01 crore vis-a-vis Rs 266.81 crore in Q4 of FY’13, it said in a filing to BSE.
Total expenditure of MOIL declined by 16.98 per cent to ₹ 138.07 crore against ₹ 166.31 in the corresponding period previous fiscal.
Its net revenue from mining products for the fourth quarter of the last fiscal stood at ₹ 285.84 crore against ₹ 251.73 crore in a year-ago period whereas the net revenue from manufacturing and power stood at ₹ 7.32 crore and ₹ 2.32 crore for the quarter.
For the financial year ended March 31, 2014, MOIL’s net profit rose by 18 per cent at ₹ 509.56 crore as compared to a net profit of ₹ 431.72 crore in FY’13.
Its net sales were up 5.67 per cent at ₹ 1,021.28 crore in the last fiscal.
Shares of the company closed at ₹ 322 on BSE, down 1.26 per cent from the previous close.