Nagpur: Moil Limited’s board has approved a wholly owned subsidiary at GIFT City in Gujarat to explore mineral assets abroad, even as the manganese ore miner reported a 22.5% rise in net profit to Rs14.39 crore for the first half of FY27. The board took the decision at its meeting on Monday, and the new unit is subject to govt approvals.The unit, Moil International IFSC Limited, will be fully owned by Moil, which will subscribe to 25 lakh equity shares of Rs10 each, or Rs2.5 crore. The filing said it is meant to explore and develop overseas opportunities in mineral asset acquisition, manage overseas investments efficiently and give structural flexibility for future acquisitions.The proposal has been sent to Ministry of Steel, which will also seek Dipam concurrence. Approvals of Ministry of Corporate Affairs and International Financial Services Centres Authority are to follow.For the half-year, Moil’s revenue from operations rose 8.7% to Rs740.01 crore from Rs680.8 crore, and profit after tax to Rs149.39 crore from Rs121.94 crore. Manganese ore sales went up 9.67% to 7.78 lakh tonnes and production by 1.76% to 9.61 lakh tonnes.The Sept quarter alone was weaker, with profit after tax at Rs61.78 crore against Rs70.44 crore a year earlier, a fall of about 12%, though revenue rose to Rs369.13 crore from Rs332.74 crore. All figures are standalone. The board also declared a first interim dividend of Rs2.20 per share, with Nov 6 as the record date and payment on Nov 30.Crediting the company’s workforce for the numbers, chairperson and managing director V Suresh said, “Our strong H1 performance underlines the potential of our human resource, whose hard work remains the bedrock of our success. Through incisive strategic planning and optimized mining practices, we have successfully unlocked new efficiencies. We are heavily prioritizing our ‘Waste to Wealth’ interventions to turn low grade mining products into high-value assets, ensuring sustainable growth.”Looking ahead, Suresh said, “MOIL Limited is focused on exploring new growth opportunities, both in domestic and international, across mining and downstream value addition.”
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