MOIL achieves best-ever April production at 1.6 lakh tonnes, registering a growth of 22%

MOIL, a state-owned manganese ore mining company headquartered in Nagpur, said on Thursday it achieved its best-ever April production since inception at 1.6 lakh tonnes last month, registering a growth of 22% over the same period last year. Shares of MOIL were trading over 1% higher on Friday.

The company said it has achieved its best-ever April sales of 1.15 lakh tonnes in April 2024, registering a growth of 17% on a year-on-year (YoY) basis.

The company had recently announced it has recorded its best-ever production for a financial year since inception at 17.56 lakh tonnes in fiscal year 2024, registering a growth of 35% YoY. The firm indicated that this is 29% higher than the previous best-ever production of 13.64 lakh tonnes in FY08.

MOIL said it achieved its best-ever sales of 15.36 lakh tonnes in FY24, registering a growth of 30% YoY. This was 10% higher than the previous best-ever sales of 13.92 lakh tonnes in FY08, it said.

The company stated it also achieved its best-ever production of electrolytic manganese dioxide (EMD) at 1,413 tonnes, higher by 28% y-o-y. EMD is a 100% import substitution product, used mostly for pharmaceuticals and manufacturing of batteries, it stated.

The firm claimed to have carried out its best-ever exploratory core drilling of 87,661 metres which was more than double that of the previous year.

MOIL operates its underground and opencast mines located in the Nagpur and Bhandara districts of Maharashtra and Balaghat district of Madhya Pradesh. The Balaghat Mine is the largest mine of the company and has reached a mining depth of about 435 meters from the surface. Dongri Buzurg mine located in the Bhandara district is an opencast mine that produces manganese dioxide ore used by the dry battery industry.

Shares of MOIL have gained over 42% since the beginning of the year. The stock has risen over 180% in the last one year.