Synopsis
MOIL, India’s largest manganese ore supplier, has marked a historic February by producing 1.53 lakh tonnes of ore. The company also achieved record exploratory drilling and increased sales figures, indicating robust growth and profitability.Key Takeaways
- MOIL produced a record 1.53 lakh tonnes of manganese ore in February.
- Exploratory drilling reached 11,455 meters, up 43 percent year-on-year.
- Sales increased to 14.32 lakh tonnes, a 3 percent rise.
- Net profit surged by 32 percent to Rs. 361.55 crore.
- Interim dividend set at Rs. 4.02 per share, up 15 percent.
New Delhi, March 3 (NationPress) India’s leading producer of manganese ore, MOIL, has reported its highest production ever for the month of February, reaching 1.53 lakh tonnes of ore, as stated by the Ministry of Steel on Monday.
The government-owned organization, which is a crucial supplier of manganese ore used in steel production, also accomplished its best February in exploratory core drilling, with 11,455 meters completed, reflecting a remarkable growth of 43 percent compared to the same month last year.
From April 2024 to February 2025, MOIL has recorded sales of 14.32 lakh tonnes, marking an increase of 3 percent over the same timeframe last year.
The exploratory core drilling during these 11 months surged by 20 percent over the previous year, reaching a total of 94,894 meters.
Ajit Kumar Saxena, the chairman and managing director of MOIL, expressed optimism that the company is set to follow a higher growth path in the upcoming year, attributing this remarkable accomplishment to a strong team effort.
MOIL also experienced a notable 32 percent rise in net profit, amounting to Rs. 361.55 crore during the first nine months of the current fiscal year (April-Dec). The company’s operational revenue during this period was Rs. 1151.55 crore, which is 11 percent higher than the same period last year.
The board of MOIL has authorized an interim dividend of Rs. 4.02 per share for the financial year 2024-25, reflecting a 15 percent increase over last year’s interim dividend of Rs. 3.50 per share.
Additionally, the Board has approved five shaft sinking projects, including two ventilation shafts for its Dongri Buzurg Mine, Chikla Mine, and Kandri Mine, with an estimated cost of Rs. 886 crore. These projects are expected to support and enhance existing production levels in the coming years, as stated by MOIL.
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