Net sales during the quarter rose by 1.5% YoY to Rs 311.73 crore.

Total expenses declined by 21.3% to Rs 255.54 crore in Q2 FY22 from Rs 324.55 crore in Q2 FY21.

Profit before tax in Q2 FY22 stood at Rs 78.54 crore, which is significantly higher as compared with Rs 8.65 crore recorded in the same period last year.

The board of MOIL has approved a proposal to buyback of not exceeding 3,38,42,668 equity shares (representing 14.26% of the total number of fully paid-up equity shares in the paid-up share capital) of the company at a price of Rs 205 per share payable in cash for an aggregate consideration not exceeding Rs 693,77,46,940. The buyback would be done under shareholders approval route from all the equity shareholders of the company, as on the record date, on a proportionate basis through a tender offer route.

While the Government of India held 64.354% stake in the company, remaining 35.646% stake was held by public shareholders as on 30 September 2021.

MOIL, a Schedule 'A' Miniratna category-I company, produces and sells different grades of manganese ore. It operates eleven mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.