MOIL targets double-digit production growth in FY’24
   Date :29-May-2023

MOIL 
 
 
Business Bureau
While approving the financial results for the fourth quarter and year ended on March 31, 2023 at the recently held meeting of board of directors of MOIL, Ajit Kumar Saxena, CMD of the company, reiterated that the MOIL was fully committed towards achieving higher growth and specific plans for the same had already been put in place. It was confident of continuing its growth trend, targeting double-digit production growth in FY’24.
In the fourth quarter of FY’23, MOIL produced 4.02 lakh tonnes of manganese ore, achieving a growth of 7 per cent over corresponding period last year (CPLY). Sales during the quarter has also improved to 3.91 lakh tonnes, up by 3 per cent over CPLY. EMD sales revenue during the quarter improved by 48 per cent y-o-y.
For the financial year, the company recorded second highest ever production since inception of the company. Sales of manganese ore in the year was 11.78 lakh tonnes, slightly lower than FY’22 on account of market conditions. Sales turnover of Electrolytic Manganese Dioxide (EMD) during FY’23 reached a new high, registering more than 100 per cent growth from CPLY. The company achieved a record capital expenditure (CAPEX) of Rs 245 crore in FY'23, which is almost equal to the net profit (PAT) of the year. MOIL has carried out best ever exploration core drilling of 41,762 meters in FY’23 which is 2.7 times of the average exploration achieved in last 5 years.