New Delhi, March 3 India’s largest manganese ore producer MOIL has delivered its best-ever February performance with the production of 1.53 lakh tonnes of ore, according to a statement issued by the Ministry of Steel on Monday.
The government-owned company, which supplies manganese ore as an input for making steel, has also achieved its best ever February exploratory core drilling of 11,455 meters, scaling an impressive growth of 43 per cent over the same month of the previous year.
During the April 2024-February 2025 period, MOIL has registered sales of 14.32 lakh tonnes, which represents a 3 per cent increase over the same period last year.
The exploratory core drilling carried out during this 11-month period jumped by as much as 20 per cent over the same period of the previous year to touch the 94,894 metres mark.
MOIL chairman and managing director, Ajit Kumar Saxena, expressed confidence that the company would embark on a higher growth trajectory in the coming year backed by a strong team effort “which has led to the outstanding achievement” this year.
MOIL recorded an impressive 32 per cent jump in net profit at Rs. 361.55 crore during the first nine months of the current financial year (April-Dec). The company’s revenue from operations during the period was Rs. 1151.55 crore, which was 11 per cent higher than the corresponding period last year.
The MOIL board also approved the payment of an interim dividend of Rs. 4.02 per share for the financial year 2024-25, which represents a 15 per cent increase over last year’s interim dividend of Rs. 3.50 per share.
Besides, the Board also approved five shafts sinking projects including two ventilation shafts for its Dongri Buzurg Mine, Chikla Mine and Kandri Mine worth of Rs 886 crore (approximate). These shafts will help the company to sustain as well as increase its existing production level in the coming years, according to a MOIL statement.
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