Shares of state-run mining company Manganese Ore (India) Limited (MOIL) increased 2.9% on Friday after the company reported a 10% year-on-year increase in output in February.

The company recorded manganese ore production of 131,000 tonnes, up 10% year-on-year, and sales of 132,000 tonnes, up 19% year-on-year from February 2022.

MOIL is a Schedule-A Mini-Ratna Category I Central Public Sector Enterprise (CPSE) under the administrative control of the United Steel Ministry. Their consistent profitability has distinguished Mini-Ratna Category I CPSEs with a pre-tax profit of at least Rs 30 crore plus positive net worth in any of the past three years.

It is the country’s largest producer of manganese ore, accounting for about 45% of domestic production. The company aims to double its output to 3 million tons by 2030. The company operates 11 mines in Maharashtra and Madhya Pradesh and is looking at opportunities in Gujarat, Rajasthan and Odisha, among other parts of Madhya Pradesh.

In Q3FY23, the company’s net profit fell 68% year-on-year to Rs 40 crore, compared with a 45% quarter-on-quarter increase. Sales fell 17% year-on-year to Rs 302 crore. It stood at Rs 236 crore in the second quarter. Operating profit fell sharply by 196% YoY to Rs 55 crore, while margin fell to 18% from 45% in Q3FY22.

The company has declared an interim dividend of Rs 3 per share for 2022-23 to its investors.

Most recently, it announced an 8% hike in the price of manganese ore for all iron ore grades containing Mn-44% and above from February.

Shares have fallen 11% in the last year. The stock was trading 2.5% higher at Rs 154.35 a share on the NSE at 10:47 am, while the benchmark Nifty50 rose 1.34% to 17,531.45.