MOIL Limited, a Schedule “A” Miniratna Category-I company, was originally incorporated in 1962 as Manganese Ore (India) Limited. The company rebranded as MOIL Limited in 2010-11.
MUMBAI (Economy India): MOIL Limited has achieved its highest-ever production in August 2024, reaching 1.24 lakh tonnes. This milestone is part of a sustained performance trend that has seen the company produce 7.24 lakh tonnes in the first five months of the current financial year (April to August 2024), marking a 7% growth compared to the corresponding period last year (CPLY).
MOIL is a Miniratna state-owned manganese-ore mining company headquartered in Nagpur, India.
“Our commitment to excellence and resilience in the face of challenging market conditions has driven this remarkable performance,” said a company spokesperson.
Consistent Sales Despite Market Volatility
Despite the volatility in international markets and challenging conditions, MOIL has managed to maintain its sales at almost the same level as the previous year. The company recorded sales of 5.92 lakh tonnes during April to August 2024. This consistency underscores MOIL’s ability to navigate through market fluctuations effectively.
Revenue Growth Amid Market Pressures
MOIL’s revenue from operations has seen a notable increase of 11% during the first five months of FY24 compared to the same period last year. This growth reflects the company’s strategic efforts to optimize operations and maximize returns despite external pressures.
Emphasis on Exploration
MOIL has significantly ramped up its exploration activities, with exploratory core drilling reaching 46,585 meters by August 2024. This represents a 1.6 times increase over the previous year, highlighting the company’s commitment to enhancing its resource base and ensuring future growth.
“Our focus on exploration is crucial for sustaining long-term production growth and securing our position in the market,” the spokesperson added.
Outlook for the Future
MOIL’s robust performance in the first half of the financial year sets a positive tone for the remainder of FY24. With continued emphasis on exploration and strategic management, the company is well-positioned to meet its production and revenue targets, even in the face of ongoing market challenges.
Key Facts About MOIL’s Performance (April – August 2024)
| Best-Ever August Production | 1.24 lakh tonnes in August 2024 |
| Total Production (April-August 2024) | 7.24 lakh tonnes |
| Production Growth | 7% growth compared to CPLY |
| Total Sales (April-August 2024) | 5.92 lakh tonnes |
| Revenue Growth | 11% increase over CPLY |
| Exploratory Core Drilling | 46,585 meters drilled (1.6x increase from last year) |
(Economy India)
