MOIL Ltd Sets New Records in Manganese Ore Production; watch out!

MOIL Ltd, the powerhouse in the world of manganese ore mining, has recently etched its name in the annals of history with a remarkable performance during the first half of the fiscal year 2023-24. As the largest domestic manganese producing company, MOIL’s journey has been nothing short of spectacular.

In a resounding achievement, MOIL reported a staggering 45% surge in manganese ore production, reaching an impressive 8.15 lakh MT during the April-September period of FY’24. This remarkable feat not only signifies their commitment to excellence but also reflects their pivotal role in meeting India’s growing demand for manganese.

The month of September witnessed an extraordinary milestone as well, with MOIL achieving its highest-ever production of 1.35 lakh MT, setting a new benchmark for any September since its inception. This outstanding performance underscores the company’s relentless pursuit of excellence in the mining sector.

But it’s not just about production; MOIL’s sales performance during this period was equally awe-inspiring. The company reported a record-breaking 7.57 lakh MT in sales, representing a phenomenal 54% growth compared to the corresponding period last year. September 2023 was no exception, with a spectacular 60% year-on-year growth in sales, totaling 1.56 lakh MT. 

MOIL’s commitment to innovation and self-sufficiency shines through in its production of Electrolytic Manganese Dioxide (EMD), a product that serves as a 100% import substitution for applications such as pharmaceuticals and battery manufacturing. The company achieved its highest-ever EMD production, boasting a commendable 26% year-on-year growth. 

In the realm of exploration, MOIL is leaving no stone unturned. They completed an astonishing 34,684 meters of exploratory core drilling from April to September 2023, a feat that is more than three times what they accomplished in the corresponding period of the previous year. This dedication to exploration ensures a steady supply of manganese ore for the nation’s future needs.

Investors can also rejoice in MOIL’s financial strength. The company boasts a robust dividend yield of 1.66%, providing shareholders with attractive returns. Over the past year, MOIL has delivered impressive returns of 48.76%, showcasing its potential as a lucrative investment option.

What’s even more astonishing is that MOIL is currently contributing only 17% of India’s manganese ore requirement. Yet, with their ambitious production target of 35 lakh tonnes by 2029-30, it’s evident that they are poised to play an even more pivotal role in meeting the nation’s growing demand for manganese.

 In summary, MOIL Ltd stands as a shining example of excellence in the mining industry. Their recent achievements and ambitious goals are not only impressive but also emblematic of their commitment to driving growth, innovation, and self-sufficiency in the sector. As a miniratna state-owned company owned by the Government of India, MOIL’s journey is a testament to the nation’s pursuit of self-reliance and economic prowess. 

 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.