[ferro-alloys.com] India's top manganese ore producer MOIL on May 23 reported 35.67% increase in net profit at Rs 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 Rs 110.08 crore during the corresponding quarter of 2012-13.

Its net sales rose by 9.44% during the quarter at Rs 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% to Rs 138.07 crore against Rs 166.31 in the corresponding period previous fiscal.

Its net revenue from mining products for the fourth quarter of the last fiscal stood at Rs 285.84 crore against Rs 251.73 crore in a year-ago period whereas the net revenue from manufacturing and power stood at Rs 7.32 crore and Rs 2.32 crore for the quarter.

For the financial year ended March 31, 2014, MOIL's net profit rose by 18% at Rs 509.56 crore as compared to a net profit of Rs 431.72 crore in FY'13.

Its net sales was up 5.67% at Rs 1,021.28 crore in the last fiscal.

Shares of the company closed at Rs 322 on BSE, down 1.26% from the previous close.

MOIL operates 10 mines, six located in Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.

MOIL fulfills about 50% of total requirement of dioxide ore in India.

At present, the annual production is around 1,093,363 tonnes which is expected to grow in the coming years.

It has set up Ferro Manganese Plant (10,000 TPY) and Electrolytic Manganese Dioxide (EMD) Plant (1000 TPY) as per its diversification plan for value addition to manganese ore.

MOIL has also set up a Captive Power Plant and is further considering, expanding the capacity of ferro manganese plant and setting up a new Silico Manganese Plant by means of joint ventures entered into with Rashtriya Ispat Nigam Limited and Steel Authority of India Limited.

• [Editor:Yueleilei]