MOIL records 2nd highest Production since inception in FY'23

With production of 13.02 lakh tonnes of Manganese (Mn) Ore in FY'23, MOIL has recorded its second highest production since inception, registering 6% growth over the previous year.

Record Capital expenditure of Rs.245 crores has also been achieved in FY'23, which is 14% higher than FY'22.

With utmost thrust on exploration, MOIL has carried out best ever exploratory core drilling of 41,762 metres in FY'23, which is 2.7 times of the average exploration achieved in the last 5 years. The same will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new Manganese mines in the country.

Sales turnover of Electrolytic Manganese Dioxide (EMD) reached a new high, which is more than 2 times than previous year. EMD is a 100% import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.

Shri Ajit Kumar Saxena, CMD MOIL, congratulated MOIL collective on these achievements and expressed confidence that MOIL is poised to achieve much higher levels of production in the coming years, with strategies and action plan for it firmly in place.

Shares of MOIL Limited was last trading in BSE at Rs. 142.50 as compared to the previous close of Rs. 141.20. The total number of shares traded during the day was 9902 in over 337 trades.

The stock hit an intraday high of Rs. 144.45 and intraday low of 141.00. The net turnover during the day was Rs. 1420624.00.

Source : Equity Bulls

Keywords

MOIL INE490G01020 Mining ManganeseOre FY2023 2ndHighestProduction