The Board of Directors of MOIL approved financial results for the first quarter of FY’2023-24 in its meeting held on Friday. The company achieved best ever quarterly manganese ore production of 4.36 lakh MT in the first quarter of FY’24, registering a significant growth of 36 per cent over corresponding period last year (CPLY). Recorded best ever first quarter sales performance and registered sales of 3.96 lakh MT in the first quarter of the current financial year, with a growth of 39 per cent over CPLY.

 

The company recorded positive growth in total income at Rs 405 crore registering increase of 4 per cent over CPLY. Cost of production during the quarter has come down significantly (resulted into lower valuation of the inventory).

As per market reports, import of manganese ore in India has also come down substantially. Despite adverse market conditions witnessing reduction of around 40 per cent in international prices of manganese during the quarter, profit in the first quarter has come down marginally (Rs. 16 crore), on account of much enhanced production level.

 

MOIL has also registered record highest production of Electrolytic Manganese Dioxide (EMD) during the quarter. EMD is a 100 per cent import substitution product, used mostly for manufacturing of batteries and pharmaceuticals. Ajit Kumar Saxena, CMD MOIL expressed pleasure on the company’s performance amidst subdued market conditions. He mentioned that he has full confidence in MOIL workforce, who will translate into reality, stretch goals of achieving over 30% production growth during the year.