MOIL Achieves Record 4.02 Lakh Tonnes of Manganese Ore Production, 7% Growth YoY
In a recent development, the Board of Directors of MOIL, has given its approval to the financial results for the fourth quarter and the entire financial year ending on March 31, 2023. During the fourth quarter of the fiscal year 2022-23, MOIL witnessed a remarkable growth of 7% compared to the corresponding period last year (CPLY). The company achieved a production of 4.02 lakh tonnes of manganese ore, while sales improved to 3.91 lakh tonnes, marking a growth of 3% over CPLY. Additionally, the sales revenue from Electrolytic Manganese Dioxide (EMD) surged by an impressive 48% year-on-year.
For the entire fiscal year 2022-23, MOIL recorded its second-highest ever production since the company's inception. The company's sales of manganese ore stood at 11.78 lakh tonnes, slightly lower than the previous year due to prevailing market conditions. However, the sales turnover of EMD during the fiscal year reached a new high, showcasing over 100% growth compared to CPLY.
Furthermore, MOIL achieved a record capital expenditure (CAPEX) of Rs. 245 crores in FY'23, which nearly matches the net profit (PAT) of the year. The company also conducted its most extensive exploration core drilling to date, covering a distance of 41,762 meters in FY'23. This exploration will not only contribute to increased production from existing mines but also lay the foundation for the opening of new manganese mines in the country.
In terms of financial performance, MOIL reported a profit before tax (PBT) of Rs. 334.45 crores and a profit after tax (PAT) of Rs. 250.59 crores during FY'23. The company has recommended a total dividend of Rs. 3.69 per share for the year, inclusive of the interim dividend of Rs. 3.00 per share already paid.
Expressing his views on the achievement, Shri Ajit Kumar Saxena, CMD MOIL, emphasized the company's unwavering commitment to attaining higher growth. He stated that specific plans have already been implemented to drive this growth. Furthermore, the company aims to sustain its growth trajectory by targeting double-digit production growth in the upcoming fiscal year, FY'24.