MOIL gains on achieving best ever production in Aug'24

MOIL advanced 1.65% to Rs 394.65 after the company achieved its best ever August production of 1.24 lakh tonnes of manganese ore in August, 2024.

The firm has achieved production of 7.24 lakh tonne of manganese ore during first five months of the current financial year (April to August 2024), registering a growth of 7% over corresponding period last year (CPLY).

The company has achieved sales of 5.92 lakh tonnes of manganese ore during April to August 2024, which is almost at the same level of last year. This is despite challenging market conditions and high international price volatility over the past few months

Revenue from operations has increased by about 11% during April to August 2024 over CPLY.

Giving utmost thrust to exploration, MOIL has carried out exploratory core drilling of 46,585 meters upto August, 2024 which is 1.6 times than the previous year, stated in exchange filing.

MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The Government of India held 64.68% stake in MOIL as on 30 June 2024.

The company's standalone net profit surged 76% to Rs 152.35 crore in Q1 FY25 as against Rs 86.57 crore posted in Q1 FY24. Revenue form operations jumped 29.8% YoY to Rs 492.84 crore in Q1 FY25.

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