MOIL Registers Thumping Growth of 35% y-o-y in April June 2023

Maintaining the production tempo, MOIL has achieved its best ever quarterly manganese ore production of 4.36 lakh MT in the first quarter of FY’24, thereby registering a substantial growth of 35% over the corresponding period last year (CPLY). Production of 1.5 lakh MT in the month of June is also its best ever production for any June month, since inception.

On the sales front, MOIL has also 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% percent over CPLY.

Continuing its thrust on exploration activities, MOIL has carried out its best ever quarterly exploratory core drilling of 20,086 metres in the first quarter of FY’24, which is 3.8 times that of CPLY. This will not only form the basis of enhanced production from its existing mines but will also provide the foundation for opening new Manganese mines in the country.

MOIL has also recorded the highest production of Electrolytic Manganese Dioxide (EMD) during this quarter. EMD is a 100% import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.

Shri Ajit Kumar Saxena, CMD MOIL, congratulated MOIL collective for this thumping performance and the spirit demonstrated to perform as per the clarion call of ‘making each month March’. He further expressed confidence that MOIL will continue to work towards the stretch goals fixed for the year.