Minister of Steel, Beni Prasad Verma was presented with a final dividend cheque of Rs 42.08 crore by GP Kundargi, chairman-cum-managing director, MOIl recently. MOIl, a Miniratna Category — I PSU under the Ministry of Steel declared final dividend of 35 per cent for the year 2012-13 in its 51st Annual General Meeting.
Verma stressed on the need for increasing the volume of business of the company. Verma said that the company should further increase its production of manganese ore and also increase production of value added products.
MOIl earned Profit Before Tax (PBT) of Rs 636.78 crore and Profit After Tax (PAT) of Rs 431.72 crore during the year 2012-13 as against Rs 606.63 crore and Rs 410.77 in the year 2011-12 registering an increase of 4.97 per cent and 5.10 per cent in PBT and PAT, respectively. MOIl’s current paid-up capital is Rs 168 crores out of which 71.57 per cent is held by Government of India, 4.62 per cent by Government of Maharashtra, 3.81 per cent by Government Madhya Pradesh and 20 per cent by public.
During the year 2012-13, MOIl’s production of various grades of manganese ore increased by 6.35 per cent, to 11.39 lakh tonnes from 10.71 lakh tonnes in 2011-12.