MOIL September Production Jumps 45% YOY; Monthly Sales Surge By 54%

MOIL has created history by achieving the best ever 6-monthly performance during April-September, 2023, the company on Monday announced through an exchange filing.

Production of Manganese ore jumped to 8.15 lakh MT in the first half of FY’24, registering a growth of 45 percent over the corresponding period last year (CPLY). Production of 1.35 lakh MT in September month is best ever production for any September month since inception.

On sales front also, best ever 6-monthly performance of 7.57 lakh MT has been registered during April-September 2023, with a remarkable growth of 54 percent percent over CPLY. Sales of 1.56 lakh MT in September 2023 has also been impressive, with a growth of 60 percent y-o-y.

Further, MOIL has recorded highest ever production of Electrolytic Manganese Dioxide (EMD) during the first half of the current year, registering a growth of 26 percent y-o-y. EMD is a 100 percent import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.

MOIL has completed 34,684 meters of exploratory core drilling during April-September, 2023, which is more than three times of CPLY.