MOIL, a manganese ore mining company, reported a record production of 402,000 tonnes of manganese ore in the fourth quarter of the previous financial year (FY23). This represents a growth of seven per cent compared with the same period last year. This is the second-highest ever production level recorded by the company in any financial year.
Formerly known as Manganese Ore (India) Limited, MOIL comes under the Ministry of Steel. It is the largest manganese ore producing company in India with a market share of 45 per cent.
During the fourth quarter, sales also saw an improvement, reaching 391,000 tonnes, which is a three per cent increase over the corresponding period last year. Additionally, the revenue from sales of electrolytic manganese dioxide (EMD) experienced substantial growth of 48 per cent year-on-year (YoY), as reported by the Ministry of Steel on Monday.
For the entire FY23, MOIL achieved the second-highest production volume since its establishment. Manganese ore sales for the year amounted nearly 1.18 million tonnes, slightly lower than the previous financial year. However, the sales turnover of EMD during FY23 surpassed 100 per cent growth compared with the corresponding period.
MOIL also made significant capital expenditure (capex) of Rs 245 crore in FY23, which is nearly equivalent to the net profit for the year. The company undertook an extensive exploration core drilling program, covering a distance of 41,762 meters during FY23. This achievement is 2.7 times higher than the average exploration conducted in the last five years. These exploration efforts not only pave the way for increased production from existing mines but also lay the groundwork for opening new manganese mines in the country.
During FY23, MOIL reported a profit after tax (PAT) of Rs 250.59 crore. The company has recommended a total dividend of Rs 3.69 per share for the year, including an interim dividend of Rs 3 per share that has already been paid.
Ajit Kumar Saxena, chairman and managing director, MOIL, expressed the company’s commitment to achieving higher growth and stated that specific plans are already in place to accomplish this objective in a report by the Ministry of Steel. MOIL is confident in sustaining its growth trajectory and aims for double-digit production growth in FY24.
Source: Business Standard