India’s largest manganese ore producer, Manganese Ore India Limited (MOIL), released its operational and financial results for nine months of Financial Year 2023 (FY23) (April-December).
Operational results
- Production inches up by 3%
In April-December, the miner produced 900,000 t of different grades of manganese ore (including non-fines and fines). The output of non-fines manganese ore stood at 756,000 t, an increase of 5% y-o-y, while fines ore production rose by 5% y-o-y to 144,000 t in the period under review. The company’s manganese ore production increased despite moderate demand for manganese alloys in the domestic and overseas markets.
In December 2022, MOIL produced 1,41,321 tonnes of manganese ore, which was a new record. Over November, 2022, production increased by 18% at its rated capacity level. - Sales fall by 6% y-o-y
The company’s manganese ore sales volume decreased by 6% to 787,000 t (including non-fines and fines ore) in April-December. Sales of non-fines manganese ore decreased by 8% y-o-y to 648,000 t. On the other hand, fines ore accounted for 139,000 t, up by 5% y-o-y. - Sales realisations up 2%
MOIL’s net profit increased by 2% y-o-y to INR 1.22 billion ($14.5 million) for non-fines, in April-December compared with 1.20 billion in the year-ago period.
Future plan
MOIL aims to double its production to 3.00 million tonnes by 2030, almost doubling its current production. Additionally, MOIL is exploring business opportunities in Gujarat, Rajasthan, and Odisha as well as other areas in Madhya Pradesh.
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