MOIL hikes manganese ore prices by up to 35% for June

Financially, MOIL reported a net sales figure of Rs. 415.88 crore for March 2024, a slight decrease of 2.85% from Rs. 428.06 crore in March 2023.

MOIL Ltd has announced a significant increase in the prices of various grades of manganese ore and electrolytic manganese dioxide (EMD) from the midnight of May 31.

The prices of all Ferro grades of manganese ore with manganese content of 44 percent and above have been raised by 35 percent on the prevailing prices since May 1. Similarly, the prices for ferro grades of manganese ore with manganese content below 44 percent have been increased by 30 percent. Additionally, the prices for SMGR (30 percent and 25 percent), fines, and chemical grades have also seen a 30 percent hike.

In a related move, the basic price of EMD has been increased by Rs 1,000 per metric tonne (PMT), from Rs 209,000 PMT to Rs 210,000 PMT for June.

This follows an earlier price adjustment announced by MOIL Ltd on May 1, when the company increased the prices of different grades of manganese ore and EMD by up to 40 percent.

Financially, MOIL reported net sales of Rs. 415.88 crore for March 2024, a slight decrease of 2.85 percent from Rs 428.06 crore a year back. However, the company’s quarterly net profit saw a rise of 12.6 percent, reaching Rs 91.15 crore in March 2024, up from Rs. 80.95 crore in March 2023. The EBITDA stood relatively stable at Rs. 152.23 crore in March 2024, marginally down from Rs. 152.50 crore in March 2023. Earnings per share (EPS) increased to Rs. 4.48 in March 2024, compared to Rs. 3.98 in March 2023.

The shares of MOIL Ltd closed 2.6 percent higher at Rs. 497 on May 30.