State-owned manganese producer MOIL records best ever January production
Feb 05, 2023
New Delhi [India], February 5 : With an overall production of 1.26 lakh tonnes of manganese ore in January, state-owned mining company (MOIL) has recorded the best-ever January production since its inception.
The state-owned firm's output is 7.7 per cent higher than last year's.
Ajit Kumar Saxena, CMD of MOIL, stated that its performance has been showing an upward trend in last few months and the company is geared up for improved performance in 2022-23.
This week, the Board of Directors of MOIL approved financial results for the quarter and nine months that ended December 2022.
In the October-December quarter, the profit after tax (PAT) of the company was at Rs 39.52 crore, higher by 45 per cent than the second quarter of 2022-23.
"The company has produced 3.37 lakh tonnes as against 2.41 lakh tonnes of manganese registering growth of 40 per cent during the same period. Sales of manganese ore also increased by 44 per cent from 2.06 to 2.97 lakh tonnes in comparison to the second quarter of 2022-23," the Ministry of Steel said in a statement.
During April-December 2022, the production increased by 5 per cent from 8.57 lakh tonne to 9.00 lakh tonne despite the extended monsoon.
Further, its revenue from the operation showed an improvement of 28 per cent from Rs 236 crore to Rs 302 crore during the quarter.
It also declared an interim dividend of Rs 3.00 per share for its investors for the financial year 2022-23.
A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.
About MOIL
MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India. It is the largest producer of manganese ore in the country with a market share of 45 per cent, operating eleven mines in the State of Maharashtra and Madhya Pradesh.
The company has an ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in the state of Gujarat, Rajasthan and Odisha besides other areas in Madhya Pradesh.
