MOIL achieves historic production and sales milestones in FY24

TAGS

In an unprecedented achievement, MOIL has announced its best-ever production figures for any financial year since the company’s inception, reaching a landmark 17.56 lakh tonnes. This represents a substantial 35% year-over-year growth, surpassing the previous record of 13.64 lakh tonnes set in the financial year 2007-08 by 29%. Such remarkable progress is a testament to MOIL’s commitment to excellence and innovation in the mining sector, particularly in manganese production.

Furthermore, MOIL has also reported its highest-ever sales figures, with 15.36 lakh tonnes sold in FY24, marking a 30% increase from the previous year. This achievement is 10% higher than its former record sales of 13.92 lakh tonnes in FY 2007-08, demonstrating the company’s robust demand and operational efficiency.

See also  Maruti Suzuki hits record sales in FY 2023-24, surpasses two million units

A significant highlight of the year has been MOIL’s production of Electrolytic Manganese Dioxide (EMD), reaching an all-time high of 1413 tonnes, which is 28% higher year-over-year. EMD, a critical component used in pharmaceuticals and battery manufacturing, represents a 100% import substitution product. This milestone emphasizes MOIL’s pivotal role in supporting the domestic manufacturing sector and reducing dependency on imports.

Emphasizing innovation and sustainable practices, MOIL achieved its best-ever exploratory core drilling, covering 87,661 meters. This figure more than doubles the exploration activities compared to the previous year, laying the groundwork for future production increases and the establishment of new manganese mines within India.

See also  MOIL registers unprecedented growth: A Look at Q1 FY 2023-24 performance

Ajit Kumar Saxena, CMD of MOIL, along with the board of directors and senior officials, visited all the company’s mines on April 1, 2024, to celebrate this historic performance with the workforce. The visits underscored the collective efforts and dedication across the organization, fueling a drive towards achieving even greater milestones in the future.

MOIL’s record-setting achievements in FY24 underscore the company’s leading position in the Indian mining sector and its crucial role in contributing to the country’s manufacturing and pharmaceutical industries through its production of EMD. The substantial increase in both production and sales not only highlights MOIL’s operational excellence but also its strategic focus on exploration and sustainable growth. This success story not only reflects the company’s resilience and adaptability but also sets a new benchmark for innovation and efficiency in the mining industry, promising a future of continued success and expansion.

CATEGORIES
TAGS
Share This

COMMENTS

Wordpress (0)