MOIL’s Board of Directors has approved the financial results for the fourth quarter and for the year ended 31st March 2023. In the fourth quarter of fiscal year 2022-23, MOIL produced 4.02 lakh tonnes of manganese ore, achieving 7% growth over the corresponding period last year (CPLY). Sales during the quarter also improved to 3.91 lakh tonnes, up 3% from the CPLY. Electrolytic manganese dioxide (EMD) sales revenue during the quarter improved 48% year over year.
For FY23, the company reported its second-highest production ever since the company’s inception. Manganese ore sales in the year were 11.78 lakh mt, slightly lower than FY’22 due to market conditions. EMD’s sales revenue during FY’23 also hit a new high, posting more than 100% growth versus CPLY.
The company has achieved a record Capital Expenditure (CAPEX) of Rs. 245 crore in FY’23 which is almost equal to the net profit (PAT) for the year. MOIL conducted its best-ever exploration core of 41,762 meters in FY’23, or 2.7 times the average exploration achieved in the last 5 years. The same will not only form the basis for increased production from existing mines, but will also serve as the basis for the opening of new manganese mines in the country.
The company made a profit before tax (PBT) and a profit after tax (PAT) of Rs. 334.45 crores and Rs. 250.59 crore respectively during FY’23. The total dividend for the year recommended by MOIL is Rs. 3.69 per share for the year (including an interim dividend paid of Rs. 3.00 per share).
On this occasion, Shri Ajit Kumar Saxena, CMD MOIL, reiterated that the company is fully committed to achieving more 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.
About MOIL: MOIL Limited is a CPSE Schedule-A, Miniratna category-1 under the administrative control of the Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country with a market share of 45%, operating eleven mines in the state of Maharashtra and Madhya Pradesh. The company has an ambitious vision of nearly doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in the state of Gujarat, Rajasthan and Odisha, as well as other areas in the state of Madhya Pradesh.
