MOIL registers manganese ore production of 12.73 lakh MT
   Date :04-Feb-2024

MOIL registers
Business Reporter ;
City-based public sector undertaking MOIL Ltd achieved production of 12.73 lakh MT of manganese ore registering a remarkable growth of 41 per cent on y-o-y. The company also posted sales of 11.01 lakh MT of manganese ore with a significant growth of 40 per cent on y-o-y. The revenue from operation during the nine months of FY’24 was at Rs 1033.55 crore which was 13 per cent higher over CPLY. The board of directors of MOIL approved the financial results for the third quarter and nine months ended of FY’2023-24 in its meeting held on Saturday. Despite adverse market conditions, witnessing reduction of around 16 per cent in prices of Manganese ore during the nine months ended on December 31, 2023, PBT increased by 28 per cent to Rs 274 crore on account of significant growth in production level. MOIL has also achieved record production of Electrolytic Manganese Dioxide (EMD) during the nine months of the current year, registering a growth of 30 per cent y-o-y. EMD is a 100 per cent import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.
Giving utmost thrust to exploration, MOIL has completed 60,870 meters of exploratory core drilling during April-December, 2023 as against 23400 meters during the corresponding period last year, says a press release. The board also approved payment of interim dividend of Rs 3.50 per share for the F.Y. 24’ that exceeds the last previous years’ interim dividend of Rs 3. per share. CMD of the company Ajit Kumar Saxena, congratulated the team MOIL for the stellar performance and reposed full confidence that improved levels of performance will be maintained.