MOIL profit drops 38 pc in fourth quarter

Nagpur (Maharashtra) [India], May 29 (ANI): Miniratna state-owned manganese ore mining company MOIL on Monday reported a 38.3 per cent drop in its net profit to Rs 80.9 crore for the quarter ended March 31, 2023, against Rs 131 crore in the year-ago period.

In FY23, the company made profit before tax (PBT) and profit after tax (PAT) of Rs 334.45 crores and Rs 250.59 crore, respectively, which has come down by 39 per cent and 38 per cent respectively.

In the fourth quarter of FY23, MOIL said it produced 4.02 lakh tonne of manganese ore, achieving a growth of 7 per cent over the corresponding period last year. Sales during the quarter have also improved to 3.91 lakh tonne, which was up by 3 per cent over the corresponding period the previous year. Electrolytic manganese dioxide (EMD) sales revenue during the quarter improved by 48 per cent year-on-year.

For the financial year, the company said it recorded its second-highest-ever production since the inception of the company. Sales of manganese ore in the year was 11.78 lakh tonne, slightly lower than FY22 on account of market conditions.

Sales turnover of Electrolytic Manganese Dioxide (EMD) during FY23 reached a new high, registering more than 100 per cent growth from the year-ago period.

According to the statement, the company achieved a record capital expenditure (CAPEX) of Rs 245 crore in FY23, which is almost equal to the net profit (PAT) of the year. MOIL has said it has carried out the best exploration core drilling of 41,762 metres in fiscal 2022-23 (FY23) which is 2.7 times of the average exploration achieved in the last five 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.

The total dividend for the year recommended by MOIL is Rs 3.69 per share for the year which included paid interim dividend of Rs 3 per share.

Ajit Kumar Saxena, CMD MOIL, reiterated that the company is fully committed towards achieving higher growth and specific plans for the same have already been put in place. “The company is confident of continuing its growth trend, targeting double-digit production growth in FY24,” he added.