MOIL achieves record production and sales in Q1, stock surges 8%

MOIL reported that it has continued its focus on exploratory activities. The company saw a 49% YoY rise in exploratory core drilling at 30,028 metres.

Ajit Kumar Saxena, chief managing director of MOIL stated that the company will continue to maintain this momentum in the future.

MOIL recently announced price hikes on various grades of manganese ore effective July 1. The prices of all ferro grades of manganese ore with a manganese content of Mn-44% and above have been increased by 2% on the prevailing prices for the month of July 2024.

The prices on all other types of ferro grades of manganese ore with a manganese content less than Mn-44% have been decreased by 8%. Meanwhile, the rates of SMGR (Mn-30% & Mn-25%), fines and chemical grades have also been reduced by 8%. The company reported that the basic price of ₹2,10,000 per metric tonne of EMD will remain unchanged.

In May 2024, MOIL achieved its highest-ever sales as it grew 41% year-on-year (YoY) to 2.15 lakh tonnes. On a year-to-date (YTD) basis, the company’s sales have grown 31.5% YoY compared to the corresponding period last year. In the same period, the company’s production of manganese ore grew 7% YoY to 3.05 lakh tonnes. Meanwhile, the firm reported that its exploratory core drilling rose 26% YoY at 18,609 meters.

In FY24, the company achieved its highest-ever production of manganese ore at 17.56 lakh tonnes recording a growth of 35% YoY and its best-ever sales of 15.36 lakh tonnes, registering a growth of 30% YoY.

Shares of the company have risen by nearly 69% since the beginning of the year. The stock has gained over 222% in the last one year.