MOIL achieves record Manganese Ore production
MOIL, the largest producer of manganese ore in India, achieved a record production of 4.02 lakh tonnes in the fourth quarter of FY 2022-23, marking a 7% growth compared to the same period last year. This production level represents the second-highest ever recorded since the company’s inception. Sales of manganese ore during the year, was recorded 11.78 lakh tonnes.
Moreover, MOIL recorded a profit after tax (PAT) of Rs. 250.59 crore and a profit before tax (PBT) of Rs. 334.45 crores in FY 2022-23. It achieved the capital expenditure of Rs. 245 crores, which is nearly equivalent to its net profit. Furthermore, MOIL conducted an extensive exploration core drilling of 41,762 meters during the year, laying the groundwork for increased production from existing mines and the potential opening of new manganese mines in the country.
Looking ahead, MOIL is determined to maintain its growth trajectory and aims to achieve double-digit production growth in FY 2023-24. The company is fully committed to this objective and has already implemented specific plans to realize it. As a Schedule-A, Miniratna category-1 CPSE under the Ministry of Steel, Government of India, MOIL operates eleven mines in Maharashtra and Madhya Pradesh, commanding a significant market share of 45%.
Meanwhile, MOIL has been exploring Rajasthan, Gujarat, Odisha and various other locations in Madhya Pradesh. It’s moving ahead with the vision of taking its production to 3 million tonnes by 2030.
