MOIL Registers Best August Production, Achieves 7% Growth for April-August ’24

MOIL Ltd has reported impressive performance figures for August 2024, setting a new benchmark with its highest-ever production for the month at 1.24 lakh tonnes. This achievement underscores MOIL’s ability to maintain strong operational momentum, even in the face of challenging market conditions.

The company stated that for the first 5 months of the current financial year (April to August 2024), the company produced a total of 7.24 lakh tonnes of manganese ore, reflecting a 7% growth compared to the corresponding period last year (CPLY).

Despite facing high international price volatility and other market challenges, MOIL has managed to keep its sales figures steady. The company recorded sales of 5.92 lakh tonnes during the April-August 2024 period, nearly matching the sales level of the previous year. This stability in sales is a testament to MOIL’s resilient market strategy and its ability to navigate through fluctuating global market conditions.

In terms of financial performance, MOIL has shown substantial growth. The revenue from operations for the April-August 2024 period increased by approximately 11% over CPLY. This growth can be attributed to the company’s focused efforts on boosting production and maintaining sales, despite external challenges.

One of the key areas where MOIL has made significant strides is in exploration. The company carried out exploratory core drilling of 46,585 meters up to August 2024, which is 1.6 times higher than the previous year’s exploration activities. This aggressive approach to exploration underscores MOIL’s commitment to expanding its resource base and ensuring sustainable growth.

In Q1 FY 2025, MOIL reported revenue from operations of ₹492.84 crore, marking a 30% year-on-year increase. Sales during this quarter stood at 4.53 lakh MT, a 15% increase year-on-year. Additionally, the company’s exploratory core drilling reached 30,028 meters in Q1 FY 2025, nearly 1.5 times higher compared to the same period last year.

MOIL’s consistent performance and proactive exploration efforts position the company well for sustained growth in the coming months, reinforcing its leadership in the manganese ore industry.

About MOIL Ltd

MOIL Ltd is mainly involved in the mining of manganese ore and is the largest manganese ore producer in India. It is a Miniratna state-owned company owned by the Government of India.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.