MOIL gains after production jumps by 10% YoY in Feburary'23

MOIL rose 2.89% to Rs 155 after the company recorded manganese (Mn) ore production of 1.31 lakh tonnes in February, 2023, thereby registering a growth of 10% over the same period last year.

Sales at 1.32 lakh tonnes of manganese ore during February 2023 was higher by 19% vis-vis February 2022.

Ajit Kumar Saxena, CMD MOIL, congratulated MOIL collective on maintaining upward trend in production and mentioned that it is fully geared up for much higher production level in coming months.

MOIL is a Schedule-A, Mini-ratna Category-I CPSE under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country, contributing approximately 45% of the domestic production. It operates eleven mines in the state of Maharashtra and Madhya Pradesh. The company has ambitious vision of more than doubling its production to 3.00 million tonnes by 2030.

The company's standalone net profit declined 68.10% to Rs 39.52 crore on a 16.89% fall in sales to Rs 302 crore in Q3 FY23 over Q3 FY22.

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