Biznextindia : Buoyant with second highest production ever in the 2022-23 financial year, public sector Manganese Ore miner MOIL is eying double digit production growth in the current financial year (FY24).
“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 FY’24” said Ajit Kumar Saxena, CMD MOIL.
For the year ended 31st March 2023, the company has reported a net profit of Rs. 250.59 crores, a decline of 38 percent as compared to FY 22. The profits have been impacted due to lower NSR on account of market conditions and increase in manpower cost. The company has recommended total dividend of Rs. 3.69 per share for the year including paid interim dividend of Rs. 3.00 per share.
In the fourth quarter of FY’23, MOIL produced 4.02 lakh tonnes of manganese ore, achieving a growth of 7% over corresponding period last year (CPLY). Sales during the quarter has also improved to 3.91 lakh tonnes, up by 3% over CPLY. EMD sales revenue during the quarter improved by 48% y-o-y. For the financial year, the company recorded second highest ever production since inception of the company. Sales of manganese ore in the year was 11.78 lakhs tonnes, slightly lower than FY’22 on account of market conditions. Sales turnover of Electrolytic Manganese Dioxide (EMD) during FY’23 reached a new high, registering more than 100% growth from CPLY. The company achieved a record capital expenditure (CAPEX) of Rs. 245 crores in FY’23, which is almost equal to the net profit (PAT) of the year. MOIL has carried out best ever exploration core drilling of 41,762 meters in FY’23 which is 2.7 times of the average exploration achieved in last 5 years. The same will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new Manganese mines in the country.