Moil Scales New Heights In April-June, 2024

On July 02, 2024, MOIL announced via a stock exchange filing that it had achieved its highest-ever quarterly sales in April-June 2024, marking a significant 14.5% year-on-year growth.

This performance was supported by record quarterly production of 4.70 lakh tonnes, a 7.8% increase from the previous year. Additionally, the company intensified exploration efforts, conducting exploratory core drilling of 30,028 meters during the same period, up 49% year-on-year.

MOIL’s CMD, Shri Ajit Kumar Saxena, expressed satisfaction with the team’s consistently high performance, noting the successful overcoming of first-quarter challenges. He expressed confidence that the company will sustain this momentum moving forward.

Earlier in May 2024, MOIL achieved a record monthly sales volume of 2.15 lakh tonnes of manganese ore, marking a 41% increase compared to May 2023. Sales for April-May 2024 were up by 31.5% compared to last year. The company attributed this growth to favourable market conditions and raised prices by approximately 65% in the current fiscal year. Meanwhile, production for April-May 2024 reached 3.05 lakh tonnes, a 7% increase over the previous year.

Financial Highlights

In the 4th quarter results, MOIL Ltd reported a slight decrease in revenue by 2.85% compared to the same period last year but saw a notable increase in profit by 12.6% year-over-year. Compared to the previous quarter, MOIL experienced substantial growth in revenue by 35.77% and profit by 68.49%.

Earnings Per Share (EPS) for the 4th quarter were ₹4.48, marking a 12.74% increase compared to last year’s quarter.

About MOIL Ltd

MOIL Ltd, owned by the Government of India, is a leading producer of manganese ore in the country. It offers 4 grades of manganese ore and sells products like electrolytic manganese dioxide (EMD) and ferro manganese. With an approximately 45% market share, it holds the largest share in the domestic manganese ore market, supported by substantial manganese ore reserves. Over the past 5 years, annual production has averaged around 1.2 million tonnes of manganese ore.

On July 3, 2024, the share price of Moil Ltd opened at ₹508.00, touching the day’s high at ₹534.95, as of 12:25 PM on the NSE.

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.