MOIL soared 9.79% to Rs 306.85 after the company recorded 15% year on year (YoY) increase in production of manganese ore in February 2024 to 1.51 lakh MT.
The company reported production of 15.84 lakh tonnes upto February 2024 for current fiscal, registering a growth of 37% YoY, surpassing best ever production of any financial year since inception, stated MOIL.On the sales front, the company recorded sales of 1.56 lakh tonnes, 18% higher than Febuary 2023.
During the year upto Febuary 2024 sales of 13.91 lakh tonnes has been achieved, scaling a growth of 32% YoY.
In the current FY upto February 2024, MOIL has carried out core drilling of 78,922 meters, more than double on YoY basis.
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 reported a 36.9% surge in consolidated net profit of Rs 54.09 crore on 1.42% rise in revenue from operations to Rs 306.30 crore in Q3 FY24 over Q3 FY23.
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