State-owned manganese producer MOIL's fourth-quarter output up 7 pc

New Delhi [India], May 29 : State-owned mining company MOIL has produced 4.02 lakh tonnes of manganese ore, achieving a growth of 7 per cent over the corresponding period last year.

Sales during the quarter also improved to 3.91 lakh tonnes, up by 3 per cent on a yearly basis.

For the entire 2022-23, the company recorded the second-highest-ever production since the inception of the company.

The company achieved a record capital expenditure (CAPEX) of Rs 245 crores in 2022-23, 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 act as the foundation of opening new Manganese mines in the country," an official release said.

The company has made a profit before tax (PBT) and profit after tax (PAT) of Rs 334.45 crores and Rs 250.59 crores respectively during 2022-23.

The 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). A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.

Ajit Kumar Saxena, CMD MOIL, reiterated that the company is 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 2023-24.

MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India. It 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 Madhya Pradesh.

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