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“MOIL’s 4.02 lakh tonnes Manganese ore record production”

May 30th, 2023 11:39 am | By | Category: LATEST NEWS

29 MAY 2023:The Board of Directors of MOIL approved the financial results for the fourth quarter & the financial year which ended on 31st March 2023. In the fourth quarter of FY 2022-23, MOIL produced 4.02 lakh tonnes of manganese ore, achieving a growth of 7% over the corresponding period last year (CPLY). Sales during the quarter also improved to 3.91 lakh tonnes, up by 3% over the CPLY. Electrolytic Manganese Dioxide (EMD) sales revenue during the quarter improved by 48% y-o-y.

For FY’ 23, the company recorded the second highest ever production since inception of the company. Sales of manganese ore in the year was 11.78 lakhs tonnes, slightly lower than FY’22 on account of market conditions. Sales turnover of EMD during FY’23 also reached a new high, registering more than 100% growth from CPLY.
The company achieved a record capital expenditure (CAPEX) of Rs. 245 crores in FY’23, which is almost equal to the net profit (PAT) of the year. MOIL has carried out the best ever exploration core drilling of 41,762 meters in FY’23 which is 2.7 times the average exploration achieved in the last 5 years. The same will not only form the basis of enhanced production from its existing mines but will also acts as the foundation of opening new Manganese mines in the country.

The company has made profit before tax (PBT) and profit after tax (PAT) of Rs. 334.45 crores and Rs. 250.59 crores respectively during FY’23. Total dividend for the year recommended by MOIL is Rs. 3.69 per share for the year (including paid interim dividend of Rs. 3.00 per share).

On this occasion, Ajit Kumar Saxena, CMD MOIL, reiterated that the company is fully committed towards achieving higher growth and specific plans for the same have already been put in place. The company is confident of continuing its growth trend, targeting double digit production growth in FY’24.

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