Aiming for double digit production growth in FY24: MOIL

During FY'23, the company generated a PBT and PAT of Rs. 334.45 crore and Rs. 250.59 crore, respectively.

State-owned mining company MOIL on May 26 said it is targeting a double-digit production growth in FY24 after producing 4.02 lakh tonne of manganese ore in Q4 FY23, achieving a growth of 7 per cent over the corresponding period last year.

MOIL's sales during the quarter have also improved to 3.91 lakh tonne, up 3 per cent year-over-year (YoY), as per the regulatory filing issued by the company.

The financials

"For the financial year, the company recorded second highest ever production since inception of the company. Sales of manganese ore in the year was 11.78 lakhs tonnes, slightly lower than FY’22 on account of market conditions. Sales turnover of Electrolytic Manganese Dioxide (EMD) during FY’23 reached a new high, registering more than 100% growth from CPLY," said the company.

During FY'23, the company generated profit before tax (PBT) and profit after tax (PAT) of Rs. 334.45 crore and Rs. 250.59 crore, respectively. These profits decreased by 39% and 38%. Due to the state of the market and the rise in labour costs, earnings have been negatively impacted by decreased NSR.

According to the filing on the occasion, Ajit Kumar Saxena, CMD MOIL, reiterated that the company is fully committed towards achieving higher growth and specific plans for the same have already been put in place. The company is confident of continuing its growth trend, targeting double-digit production growth in FY’24.

On May 26, shares of MOIL settled 0.54 per cent higher at ₹159.50 apiece on the BSE.