State-owned manganese producer MOIL's output up 10% in February

State-owned mining company (MOIL) produced 1.31 lakh tonnes of manganese (Mn) ore in February, a 10 per cent growth over the same period last year.

Sales during the month were at 1.32 lakh tonnes, an increase of 19 per cent.

Ajit Kumar Saxena, CMD of MOIL, had last month stated that its performance has been showing an upward trend in last few months and the company is geared up for improved performance in 2022-23.

In the October-December quarter, the profit after tax (PAT) of the company was at Rs 39.52 crore, higher by 45 per cent than the second quarter of 2022-23.

Further, its revenue from the operation showed an improvement of 28 per cent from Rs 236 crore to Rs 302 crore during the quarter.

Last month, it declared an interim dividend of Rs 3.00 per share for its investors for the financial year 2022-23. A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.

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.

( With inputs from ANI )

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