MOIL Limited achieves record-breaking financial performance in FY’24

MOIL Limited, a state-owned manganese-ore mining company and Miniratna enterprise, headquartered in Nagpur, India, has registered an exceptional performance for the fiscal year ended March 31, 2024. Under the leadership of Ajit Kumar Saxena, Chairman and Managing Director (CMD), the company has posted historic highs in production, sales, and profitability, reflecting robust growth and strategic expansion.

Unprecedented Growth in Production and Sales

For FY’24, MOIL Limited achieved its highest ever manganese ore production since its inception, with a total of 17.56 lakh tonnes, marking a significant increase of 35% compared to FY’23. This record production was accompanied by the best-ever sales figures, with 15.36 lakh tonnes sold, a 30% year-on-year growth.

Financial Highlights and Strategic Investments

The company recorded a turnover of Rs. 1,449.42 crore, an 8% growth from the previous year, showcasing strong financial health despite challenging market conditions. The profit before tax (PBT) and profit after tax (PAT) stood at Rs. 387 crores and Rs. 293 crores, respectively, registering growths of 16% and 17%.

MOIL Limited achieves record-breaking growth in FY’24 with unprecedented production and sales figures.

In terms of capital investments, MOIL Limited reported a record capital expenditure (CAPEX) of Rs. 316 crores in FY’24, exceeding the net profit for the year. This significant investment underlines MOIL’s commitment to expansion and enhancing operational capabilities.

Exploration and Dividend Achievements

The company also reached new heights in exploration, with core drilling extending to 87,661 meters, more than doubling the efforts of the previous year. This achievement underscores MOIL’s strategic focus on long-term resource sustainability and growth.

On the shareholder front, the Board of Directors recommended a final dividend of Rs. 2.55 per share. This brings the total dividend for FY’24 to Rs. 6.05 per share, including an interim dividend of Rs. 3.50 per share, representing a 64% increase from the previous year.

Future Outlook

Looking ahead, CMD Shri Ajit Kumar Saxena emphasized MOIL’s forward-looking approach and dedication to continuous investment in expansion and growth. “The company is fully committed towards investing in its expansion and growth,” stated Saxena during the financial results announcement.

This focus is expected to drive further advancements in production and operational efficiency, ensuring MOIL remains at the forefront of the mining industry and continues to deliver value to its stakeholders.