MOIL Limited achieves record sales and production in Q2 2024

MOIL Limited, a state-owned Miniratna company known for its manganese ore mining operations, has reported unprecedented growth in its sales for the quarter ending June 2024. The company, headquartered in Nagpur, India, achieved a 14.5% year-over-year increase in sales, marking its best performance for a quarterly period to date.

The significant sales boost coincided with a record-breaking production volume of 470,000 tonnes during the same quarter, representing a 7.8% growth compared to the previous year. These achievements come as MOIL intensifies its exploratory efforts, having completed 30,028 meters of core drilling from April to June 2024—an impressive 49% increase year-over-year.

Ajit Kumar Saxena, the Chairman and Managing Director of MOIL, expressed his satisfaction with these results, stating, “It is heartening to see the MOIL team continuing the stellar performance rhythm and breaking the myth of first quarter syndrome.” He also voiced confidence that the momentum would continue in upcoming quarters.

These developments underscore MOIL’s strategic focus on expanding its operations and enhancing its market presence amid growing demand for manganese, a critical component in steel production and battery manufacturing. The company’s ongoing commitment to exploration and capacity expansion plays a pivotal role in its operational strategy.

As MOIL steps into the next quarter, the industry eyes will be on whether it can maintain this robust growth trajectory. This performance not only reflects the company’s operational excellence but also strengthens its position in the global manganese market.