MOIL's Outstanding Oct; Production and Sales goes up
MOIL Surpasses Expectations with 48% YoY Production Growth and 86% YoY Sales Surge.
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.
Read Also : Indian Govt signs USD 175 million loan agreement with ADB
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.
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.Read Also : Naval Exercise Prasthan at ONGC’s R 12A Ratna Platform
News Must Read
- Paytm's Market Cap dives $1 billion in Single Day: Read What happens
- THDCIL sign MoU for Water Sports High Performance Academy at Tehri
- NECC bags order from GAIL, Worth Rs.52 crore
- NHPC awards 3,000 MW solar projects to 8 bidders
- Oil giants NRL and OIL pump Rs 1 Cr & Rs 5 Cr into Assam's Plantation Drive
- BHEL wins Governance Now PSU IT Awards 2023
- BEML adjudged winner for CSR Leadership Award 2023
- Defence Ministry collaborates with ISB for scholarship to ex-servicemen
- Dahej Expansion Project Takes Flight with Bhumi Pujan Ceremony at Petronet LNG Limited
- Rajahmundry Airport: Gateway to Andhra's Heritage