MOIL posts 10% production & operating profit growth
   Date :13-Nov-2022

MOIL posts
 
 
Business Bureau ;
 
The Board of Directors of MOIL approved the financial results for the quarter and half year ended on September 30, 2022. MOIL has registered an increase of 10 per cent in the production of manganese ore in H1 of the 2022-23 fiscal at 5.63 lakh MT as compared to same period last year. Despite challenges being faced by the steel industry currently, MOIL’s operating profit before tax has increased 11 per cent to 128.46 crore during H1 of 2022-23 fiscal. Likewise, the profit before tax and profit after tax have increased to Rs 167.30 crore and Rs 130.12 crore from 159.42 crore and Rs 122.03 crore respectively in comparison to the first half of 2021-22 fiscal. Usha Singh, Director (Human Resource) and CMD (Addl.
 
Charge) on the occasion mentioned that the company is geared up for much better performance with respect to production and sales in the second half of the fiscal and positive changes in sentiments in the industry will facilitate the same. MOIL Limited is a schedule-A, Miniratna category-I CPSE under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country and operates eleven mines in Maharashtra and Madhya Pradesh. MOIL holds 34% of manganese ore reserves of the country and is contributing 45 per cent of the domestic production. The company has ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in Gujarat, Rajasthan and Odisha besides other areas in Madhya Pradesh.