MOIL Limited Achieves Best-Ever Production of 1.46 Lakh Tonnes in September 2024

MOIL Limited, India’s leading manganese ore producer, reported a strong business update for September 2024, achieving its highest-ever production for the month at 1.46 lakh tonnes. This marks a significant milestone in the company’s growth journey. 

For the first half of the current financial year (April to September 2024), MOIL produced 8.70 lakh tonnes, reflecting a 7% growth compared to the corresponding period last year (CPLY).

MOIL also achieved record sales in September 2024, selling 1.59 lakh tonnes. For the April to September period, the company sold 7.51 lakh tonnes, nearly matching the sales levels of the previous year despite challenging market conditions.

In its ongoing efforts to bolster exploration, MOIL carried out core drilling of 50,222 meters by September 2024, a 1.4x increase over the previous year. This aligns with the company’s strategic focus on enhancing resource discovery and extraction capabilities.

Ajit Kumar Saxena, Chairman and Managing Director (CMD) of MOIL, expressed optimism about the company’s performance, noting that despite the challenges posed by persistent rainfall, MOIL has maintained a strong upward trend in production for the first six months. He further emphasized that the MOIL team is fully prepared to ramp up production and sales in the coming months.

With this momentum, MOIL is well-positioned to continue its growth trajectory, supported by strategic exploration and a strong operational focus.

In the quarter ended June 30, 2024, MOIL Ltd’s total income rose to ₹51,991.41 lakh, compared to ₹40,536.85 lakh in the same period last year. Net profit for the quarter stood at ₹15,235.09 lakh, marking an increase from ₹8,657.46 lakh reported in the corresponding period of the previous year.

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