MOIL registers unprecedented growth: A Look at Q1 FY 2023-24 performance
In a stunning display of growth and innovation, MOIL, the largest producer of manganese ore in India, has achieved its best ever quarterly manganese ore production, reaching 4.36 lakh MT in Q1 of FY’24! This reflects an incredible 36% growth over the corresponding period last year (CPLY). It’s not just production; sales have skyrocketed too, reaching a historic 3.96 lakh MT in the first quarter of this fiscal year, an extraordinary 39% growth over CPLY.
Financial Triumph Amidst Market Challenges
Even with international prices of Manganese plummeting around 40% during the quarter, MOIL’s profit only dipped marginally by Rs. 16 crores, thanks to much-enhanced production levels. The total income climbed to Rs. 405 crores, a robust 4% increase over CPLY, and costs of production have come down significantly. Market reports also reveal a substantial drop in the import of manganese ore in India.
Production Milestones – EMD and More!
Adding to the accolades, MOIL registered the highest-ever production of Electrolytic Manganese Dioxide (EMD) during the quarter. EMD, crucial for manufacturing batteries and pharmaceuticals and a 100% import substitution product, shows MOIL’s commitment to innovation and market dominance.
Ajit Kumar Saxena, CMD of MOIL, shared his pleasure regarding the company’s performance despite subdued market conditions. He conveyed his full confidence in the MOIL workforce, expressing optimism that they would translate the stretch goals into reality, aiming at over 30% production growth during the year.
MOIL’s Commanding Presence
Operating under the Ministry of Steel, Government of India, MOIL stands as a Schedule-A, Miniratna Category-I CPSE. With its eleven mines across Maharashtra and Madhya Pradesh, it contributes to a staggering 45% of the domestic production of manganese ore.
The achievements of MOIL in the first quarter of FY 2023-24 send a clear message: it’s not only thriving but setting new industry standards. Stay tuned for more updates on this monumental success story!