MOIL achieves best quarterly manganese production in Apr-Jun 2023

New Delhi [India], July 3 : State-owned mining company MOIL has achieved its best-ever quarterly manganese ore production of 4.36 lakh tonne in April-June 2023 quarter. It is an increase of 35 per cent over the year-ago period.

Production of 1.5 lakh tonne in the month of June is also its best-ever production of any June month since inception, the Ministry of Steel said in a release Monday.

On the sales front, MOIL has also recorded its best-ever first-quarter sales performance and registered sales of 3.96 lakh tonne in the first quarter of the current financial year 2023-24, with a growth of 39 per cent per cent over last year.

MOIL has also recorded the highest prElectrolytic Manganese Dioxide (EMD) production ring this quarter. EMD is a 100 per cent import substitution product, used mostly for pharmaceuticals and the manufacturing of batteries.

Ajit Kumar Saxena, CMD MOIL, congratulated MOIL on this performance and reposed confidence that the company will continue to work towards the goals fixed for the year.

In 2022-23, the company made a profit before tax (PBT) and profit after tax (PAT) of Rs 334.45 crores and Rs 250.59 crores, respectively.

The total dividend for the year recommended by MOIL is Rs 3.69 per share for the year (including paid interim dividend of Rs 3.00 per share). A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.

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 country's largest producer of manganese ore th 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.