Record Manganese Ore Production: The Board of Directors of MOIL, the largest producer of manganese ore in India, recently announced their financial results for the fourth quarter and the fiscal year ending on March 31, 2023. The company’s relentless efforts have resulted in a remarkable production milestone of 4.02 lakh tonnes of manganese ore during the fourth quarter of FY 2022-23. This achievement showcases an impressive growth rate of 7% compared to the corresponding period in the previous year.
MOIL Achieves Record Manganese Ore Production in Q4 FY 2022-23
Second Highest Production in FY’23: A Testament to MOIL’s Excellence
Throughout the fiscal year 2022-23, MOIL demonstrated outstanding performance, recording the second-highest production ever achieved since its inception. This accomplishment highlights the company’s unwavering commitment to excellence in the mining industry. Despite certain market conditions, MOIL managed to sell 11.78 lakh tonnes of manganese ore during the year, slightly lower than the previous fiscal year. However, it’s worth noting that the sales turnover of Electrolytic Manganese Dioxide (EMD) experienced a substantial growth of over 100% compared to the corresponding period.
Driving Growth and Expanding Horizons in FY’24
With a proven track record of success, MOIL remains steadfast in its pursuit of growth and expansion. Looking ahead to the fiscal year 2023-24, the company aims to achieve double-digit production growth. MOIL’s visionary leadership has already set specific plans in motion to ensure the realization of this ambitious target. The company is confident in its ability to sustain its upward growth trajectory in the coming year.
Financial Strength and Exploration Milestones: A Strong Foundation for Future Success
In FY’23, MOIL demonstrated robust financial performance, boasting a record capital expenditure (CAPEX) of Rs. 245 crores. This figure is almost equivalent to the net profit (PAT) for the year, underscoring the company’s financial stability and commitment to investment. Additionally, the company achieved a significant milestone in exploration by conducting an unprecedented core drilling of 41,762 meters. This remarkable feat surpasses the average exploration achieved in the past five years by 2.7 times. The comprehensive exploration efforts will not only support enhanced production from existing mines but also serve as the groundwork for the opening of new manganese mines across the country.
Profitability and Dividend Distribution: Rewarding Shareholders
MOIL continues to prioritize the interests of its shareholders. During FY’23, the company achieved a profit before tax (PBT) of Rs. 334.45 crores and a profit after tax (PAT) of Rs. 250.59 crores. Demonstrating their commitment to shareholder value, MOIL has recommended a total dividend of Rs. 3.69 per share for the year, including the paid interim dividend of Rs. 3.00 per share.
Commitment to Growth: MOIL’s Vision and Expansion Plans
Shri Ajit Kumar Saxena, CMD MOIL, reiterates the company’s unwavering commitment to achieving higher growth. With well-defined plans already in place, MOIL is dedicated to reaching new heights in the mining sector. The company’s vision includes nearly doubling its production to 3.00 million tonnes by 2030. In pursuit of this ambitious target, MOIL is actively exploring business opportunities in Gujarat, Rajasthan, Odisha, and other areas of Madhya Pradesh, along with its existing operations in Maharashtra and Madhya Pradesh.
About MOIL: India’s Leading Manganese Ore Producer
MOIL Limited, a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India, holds a dominant market share of 45% in the country’s manganese ore industry. The company operates eleven mines in Maharashtra and Madhya Pradesh, solidifying its position as a key player in the sector. With an ambitious vision for the future, MOIL aims to significantly increase its production capacity to 3.00 million tonnes by 2030. Furthermore, MOIL actively explores business opportunities in Gujarat, Rajasthan, Odisha, and various other regions of Madhya Pradesh, reinforcing its commitment to growth and expansion.