Sandur Manganese and Iron Ores Ltd. received approval to increase its permissible annual production limit of iron ore from the current 3.81 million tonnes per annum to 4.36 MTPA.
The company received the nod from the Central Empowered Committee set up by the Supreme Court of India, according to an exchange filing on Wednesday.
The company will now seek approval for operation from the Karnataka State Pollution Control Board and other necessary regulatory clearances to operate at the increased production levels.
Earlier in September, Sandur Manganese and Iron Ores received consent from the Karnataka Government and the State Pollution Control Board to enhance its production from the mines.
The consent for operation will help the company to enhance the manganese ore production from 0.43 million tonnes per annum currently to 0.55 MTPA.
On Sept. 16, the manganese and iron ore producer approved a proposal to raise Rs 1,000 crore through qualified institutional placement. It appointed Krishnendu Sanyal as chief executive officer and Manjunath Prabhu as chief operating officer.
Sandur Manganese's revenue rose by 40.8% to Rs 260.25 crore for the second quarter of the current fiscal as compared to Rs 184.81 crore for the same period last year.
The company recorded a profit of Rs 32.14 crore, representing a 19% surge for the July-September quarter of the current financial year as against Rs 26.98 crore for the year-ago period.
The manganese producer posted earnings before interest, tax, depreciation, and amortisation of Rs 37.55 crore for the three months ended Sept. 30, 2024, as against Rs 37.48 crore for the same quarter of the previous fiscal year.
Its margins narrowed at 14.4% for the second quarter as compared to 20.3% for the same span of the last financial year.
Shares of Sandur Manganese closed 1.67% higher at 420.15 per share on the National Stock Exchange on Tuesday. In contrast, the benchmark Nifty 50 ended 0.41% higher. The company's stock has fallen by 8.30% in the last 12 months.
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