Company targets double digit production growth in FY’24
Team News Riveting
New Delhi, May 29
The Board of Directors of MOIL, incorporated as Manganese Ore (India) Limited, approved the financial results for the fourth quarter and the financial year that ended March 31, 2023.
In the fourth quarter of FY 2022-23, MOIL produced 4.02 lakh tonnes of manganese ore, achieving a growth of 7 per cent over the corresponding period last year (CPLY). Sales during the quarter also improved to 3.91 lakh tonnes, up by 3 per cent over the CPLY. Electrolytic Manganese Dioxide (EMD) sales revenue during the quarter improved by 48 per cent y-o-y (year-on-year).
For FY’ 23, the company recorded the second highest ever production since inception of the company. Sales of manganese ore in the year was 11.78 lakh 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 per cent 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 acts as the foundation of opening new Manganese mines in the country.
The company has made profit before tax (PBT) and profit after tax (PAT) of Rs 334.45 crore and Rs 250.59 crore respectively during FY’23. 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).
MOIL CMD Ajit Kumar Saxena said the company was fully committed towards 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.
MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country with a market share of 45 per cent, 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 State of Gujarat, Rajasthan and Odisha besides other areas in the State of Madhya Pradesh.
