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Business News/ News / India/  MOIL achieves record manganese ore production in Q4FY23

New Delhi: State-owned MOIL Ltd has reported a record production of 4.02 lakh tonne of manganese ore in the fourth quarter of FY3, marking a growth of 7% over the corresponding period last year.

The company’s total sales increased 3% year-on-year to 3.91 lakh tonnes.

The robust quarterly performance was underpinned by a 48% surge in the sales revenue of electrolytic manganese dioxide (EMD). The company also reported the second-highest production ever recorded in its history for the entire fiscal year, though year-on-year sales of manganese ore slipped due to market fluctuations.

Notably, EMD’s annual sales turnover exhibited an outstanding over 100% growth compared to the prior year, compensating for the slight dip in manganese ore sales.

MOIL also made a record investment of Rs. 245 crore in capital expenditure for the fiscal year, mirroring its net profit for the same period. The company further bolstered its growth initiatives by undertaking an exploration core drilling of 41,762 meters, nearly triple the average exploration conducted over the past five years.

This proactive exploration is expected to enhance production from existing mines and facilitate the opening of new ones across India.

Despite challenging market conditions, MOIL reported a strong financial performance, registering a profit after tax (PAT) of Rs. 250.59 crore for FY 2022-23.

MOIL’s chairman and managing director Ajit Kumar Saxena affirmed the company’s dedication to sustain and achieve higher growth, laying out strategic plans to ensure double-digit production growth in FY2023-24.

MOIL Limited, with a commanding 45% market share, operates eleven mines across Maharashtra and Madhya Pradesh under the ministry of steel’s supervision. The company has a lofty vision to almost double its production by 2030 and is currently exploring business opportunities in regions such as Gujarat, Rajasthan, Odisha, and additional regions of Madhya Pradesh.

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Updated: 29 May 2023, 05:44 PM IST
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