MOIL Records Stellar Performance in May 2024: Sales and Production Surge

Manganese Ore India Limited (MOIL), a leading Indian producer of manganese ore, has announced a string of impressive achievements for the month of May 2024 and the cumulative period of April-May 2024. This stellar performance underscores MOIL’s strong operational efficiency and strategic positioning within the global manganese ore market.

Sales Hit New High

In a remarkable feat, MOIL achieved record-breaking monthly sales of 2.15 lakh tonnes of manganese ore in May 2024. This surpasses the company’s previous peak of 1.83 lakh tonnes set in December 2019, signifying a significant growth of 41% year-on-year. Furthermore, sales for the combined period of April- May 2024 witnessed a healthy increase of 31.5% compared to the corresponding period in the previous fiscal year (CPLY).

Strategic Price Adjustments and Market Advantage

Favorable market conditions have played a crucial role in MOIL’s sales growth. The company strategically capitalised on this opportunity by raising the prices of various manganese ore grades by approximately 65% during the current financial year. This price adjustment reflects the rising global demand for manganese ore, a key component in steel production. By proactively aligning its pricing strategy with market trends, MOIL has secured a significant competitive advantage.

Production on the Rise, Exploration Efforts Intensify

On the production front, MOIL maintained a steady course, achieving a cumulative production of 3.05 lakh tonnes of manganese ore in April-May 2024. This represents a commendable growth of 7% compared to the CPLY figures. Additionally, MOIL has demonstrated a commitment to long-term sustainability by intensifying its exploration activities. The company conducted exploratory core drilling of 18,609 meters during April-May 2024, reflecting a noteworthy increase of 26% year-on-year. This focus on exploration ensures the identification and development of new manganese ore reserves, which is vital for maintaining future production capacity.

MOIL’s exceptional performance in May 2024 and the first two months of the current fiscal year is a testament to the company’s dedication to operational excellence and strategic foresight. The record-breaking sales figures, coupled with increased production and exploration efforts, position MOIL for continued growth and leadership within the manganese ore industry.

Shri Ajit Kumar Saxena, CMD MOIL, congratulated MOIL collective on this historic performance, appreciating the team’s efforts to well utilize the opportunities in the market.

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.