On 31st January 2023, the Board of Directors of MOIL approved the financial results for the quarter and nine months that ended on 31st December 2022. The third quarter saw a 45% increase in profit after tax (PAT) at Rs. 39.52 crores compared to the second quarter of FY23.
The company also produced 40% more manganese, registering 3.37 lakh tonnes compared to 2.41 lakh tonnes in the same period. The sales of manganese ore also increased by 44% from 2.06 to 2.97 lakh tonnes. The revenue from operations showed improvements of 28%, rising from Rs. 236 crores to 302 crores.
Despite an extended rainy season during the nine-month period, MOIL’s production increased by 5% from 8.57 to 9.00 lakh tonnes. The company declared an interim dividend of Rs. 3.00 per share for FY’23, amounting to a total of Rs. 61.05 crores.
MOIL Limited is the largest producer of manganese ore in India with a 45% market share and operates 11 mines in Maharashtra and Madhya Pradesh.
The company’s CMD, Ajit Kumar Saxena, has expressed confidence in even better performance in the coming months. MOIL aims to almost double its production to 3 million tonnes by 2030 and is exploring business opportunities in the states of Gujarat, Rajasthan, Odisha, and Madhya Pradesh.
