Record production of 4.02 lakh tonnes of manganese ore by MOIL in the 4th quarter of FY 2022-23

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Record production of 4.02 lakh tonnes of manganese ore by MOIL in the 4th quarter of FY 2022-23
Record production of 4.02 lakh tonnes of manganese ore by MOIL in the 4th quarter of FY 2022-23
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Record production of 4.02 lakh tonnes of manganese ore by MOIL in the 4th quarter of FY 2022-23; Growth of 7% over the corresponding period of last year

Second highest-ever production recorded for FY 23, since the inception of the company

MOIL to target double-digit production growth in FY’24

By PIB Delhi

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 the inception of the company. Sales of manganese ore in the year were 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 act as the foundation for opening new Manganese mines in the country.

The company has made a profit before tax (PBT) and profit after tax (PAT) of Rs. 334.45 crores and Rs. 250.59 crores respectively during FY’23.  The 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, Shri Ajit Kumar Saxena, CMD MOIL, reiterated that the company is fully committed to 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. 

About MOIL: MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country with a market share of 45%, operating eleven mines in the State of Maharashtra and Madhya Pradesh. The company has an ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in the States of Gujarat, Rajasthan, and Odisha besides other areas in the State of Madhya Pradesh.

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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