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MOIL Achieves Best Ever Quarterly Production In April-June 23 Registers Thumping Growth Of 35% YOY | Image: MOIL (Representative)
Maintaining the production tempo, MOIL has achieved best ever quarterly manganese ore production of 4.36 lakh MT in the first quarter of FY ’24, registering a substantial growth of 35 per cent over corresponding period last year (CPLY), the company announced through an exchange filing. Production of 1.5 lakh MT in June month is also the best ever production of any June month since inception.
On the sales front, MOIL has recorded its best ever first quarter sales performance and registered sales of 3.96 lakh MT in the first quarter of the current financial year, with a growth of 39 per cent over CPLY.
Continuing its thrust on exploration activities, MOIL has carried out best ever quarterly exploratory core drilling of 20,086 metres in the first quarter of FY ’24, which is 3.8 times during CPLY. This will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new Manganese mines in the country.
Production of Electrolytic Manganese Dioxide
MOIL has also recorded the highest production of Electrolytic Manganese Dioxide (EMD) during the quarter. EMD is a 100 per cent import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.
Ajit Kumar Saxena, CMD MOIL, congratulated MOIL collective on this thumping performance and the spirit demonstrated to perform as per the clarion call of ‘making each month March’. He further reposed confidence that the company will continue to work towards the stretch goals fixed for the year.
MOIL Shares
The shares of MOIL on Friday closed at Rs 162.15, up by 0.19 per cent.
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