Targeting Double Digit Production Growth In FY24: MOIL

State-owned mining company MOIL on Friday said it will look to achieve double digit production growth in FY24 after producing 4.02 lakh tonne of manganese ore in Q4 FY23, achieving a growth of 7 per cent over corresponding period last year.

MOIL’s sales during the quarter has also improved to 3.91 lakh tonne, up by 3 per cent year-over-year (YoY).

EMD sales revenue during the quarter improved by 48 per cent y-o-y.

For the financial year, the company recorded second highest ever production since inception of the company.

Sales of manganese ore in the year was 11.78 lakh tonne, slightly lower than FY22 on account of market conditions. Sales turnover of Electrolytic Manganese Dioxide (EMD) during FY23 reached a new high, registering more than 100 per cent growth from CPLY.

The company achieved a record capital expenditure (CAPEX) of Rs 245 crore in FY23, which is almost equal to the net profit (PAT) of the year. MOIL carried out best ever exploration core drilling of 41,762 metres in FY23 which is 2.7 times of the average exploration achieved in last 5 years. The same will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new Manganese mines in the country.

The company has made profit before tax (PBT) and profit after tax (PAT) of Rs 334.45 crore and Rs 250.59 crore respectively during FY23, which has come down by 39 per cent and 38 per cent respectively. The profits have been impacted due to lower NSR on account of market conditions and increase in manpower cost.

Total dividend for the year recommended by MOIL is Rs 3.69 per share for the year (including paid interim dividend of Rs 3 per share).

Ajit Kumar Saxena, CMD MOIL, said that MOIL was committed towards achieving higher growth and specific plans for the same has already been put in place.