New Delhi: State-owned MOIL on Saturday reported a 37 percent rise in net profit to Rs 54.10 crore for the December quarter, supported by lower expenses.

It had posted a net profit of Rs 39.51 crore in the year-ago period, the company said in an exchange filing.

The company's total income rose to Rs 329.72 crore from Rs 322.86 crore in the year-ago period.

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Its expenses were at Rs 253.37 crore, lower than Rs 276.75 crore reported in the third quarter last fiscal.

In a separate statement, the company said its board also also approved an interim dividend of Rs 3.50 per share for the FY24.

The company achieved production of 12.73 lakh tonnes of manganese ore, registering a growth of 41 per cent year-on-year.

MOIL, under the Ministry of Steel, meets about 46 per cent of the total requirement of dioxide ore in the country.

At present, the average annual production of manganese ore is around 1.3 million tonne.

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