MOIL Achieves 'Best-Ever' Sales, Production Hits Record In Q1

MOIL Ltd. has achieved its "best-ever" quarterly sales, buoyed by record production of manganese ore.

The state-run miner of the ore used in steel and paint production said sales rose 14.5% year-on-year in the three months through June, according to an exchange filing.

"The entire organisation aligned together to meet this enhanced market demand and the impact could be seen in record revenue also," the statement said.

Quarterly production was 4.70 lakh tonne during Q1, rising 7.8% over a year ago.

MOIL also conducted 30,028 meters of exploratory core drilling during the period, a 49% year-on-year increase.

"It's heartening to see the company dispel the notion of the first quarter syndrome," Chief Managing Director Ajit Kumar Saxena said in the statement.