MOIL gains on achieving best ever production in Sep'24

The company has achieved production of 8.70 lakh tonnes of manganese ore during the first half of current finanicial year (April ' September 2024), registering a growth of 7% compared to the same period last year.

The company has achieved its sales of 1.59 lakh tonnes of manganese ore in September 2024. Sales figures for the April-September period stood at 7.51 lakh tonnes which is almost at the same level as that during corresponding period last year, despite challenging market conditions.

Giving utmost thrust to exploration, the company has carried out exploratory core drilling of 50,222 meters upto September, 2024 which is 1.4 times than the previous year.

Ajit Kumar Saxena, CMD MOIL, mentioned that in spite of continued rainfall, the upward trend in production during first six months has been heartening. He further mentioned that MOIL team is geared up to achieve higher levels of production and sales in the coming months.

MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The Government of India held 64.68% stake in MOIL as on 30 June 2024.

The company's standalone net profit surged 76% to Rs 152.35 crore in Q1 FY25 as against Rs 86.57 crore posted in Q1 FY24. Revenue form operations jumped 29.8% YoY to Rs 492.84 crore in Q1 FY25.