MOIL's Outstanding Oct; Production and Sales goes up

MOIL Surpasses Expectations with 48% YoY Production Growth and 86% YoY Sales Surge.

MOIL's Outstanding Oct; Production and Sales goes up

New Delhi: The Board of Directors of MOIL approved financial results for the second quarter and half year ended of FY’2023-24 in its meeting held on 8th November 2023.

 

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Highlights of performance during the second quarter and half year ended are as under:
- Achieved best ever second quarter manganese ore production and sales with a growth of 57%and 75% respectively.
- Achieved best ever 6 monthly production at 8.15 lakh MT registering a significant growth of 45 over corresponding period last year (CPLY).
- Recorded best ever 6 monthly sales performance at 7.57 lakh MT in the first half of year of the current financial year, with a growth of 54% over CPLY.
- Revenue from operation during the first half of FY’24 was at Rs. 727 crores which was 19% higher over CPLY.

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Despite adverse market conditions witnessing reduction of around 20% in prices of Manganese during the half year ended on 30th September 2023, PBT in the first half has increased by 19% to Rs. 197 crore on account of much enhanced production level.

Further, MOIL has recorded highest ever production of Electrolytic Manganese Dioxide (EMD) during the first half of the current year, registering a growth of 26% y-o-y. EMD is a 100% import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.

Giving utmost thrust to exploration, MOIL has completed 34,684 meters of exploratory core drilling during April-September, 2023, which is more than three times of CPLY. 

CMD, Shri Ajit Kumar Saxena, once again congratulated team MOIL for the stellar performance and reposed full confidence that improved levels of performance will be maintained. 

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