MOIL said that it has recorded monthly managanese ore sales of 2.15 lakh tones in May 2024, registering a growth of 41% over May 2023.
The company has managed to surpass its previous record monthly managanese ore sales 1.83 lakh tonnes in reported December 2019.
Sales during Apr-May24, has been higher by 31.5% as compared to corresponding period last year (CPLY). MOIL further stated that it has increased the prices of various grades by about 65% in the current financial year.
On the production front, 3.05 lakh tonnes of manganese ore production was achieved in Apr-May, 2024, registering a growth of 7% over CPLY.
MOIL has also continued its focus on exploration activities and carried out exploratory core drilling of 18,609 meters in Apr-May 2024, which is higher by 26% YoY.
MOIL is engaged in the exploration, exploitation and marketing of manganese ore and products, such as electrolytic manganese dioxide and high carbon ferro manganese alloy. The Government of India held 64.68% stake in MOIL as on 31 December 2023.
The company's net profit rose 12.60% to Rs 91.15 crore despite a 2.85% fall in sales to Rs 415.88 crore in Q4 FY24 as compared with Q4 FY23.
The scrip fell 3.61% to currently trade at Rs 506.15 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
