MOIL Ltd. reported its highest-ever production since inception in fiscal 2024.
The miniratna state-owned manganese ore mining company's production rose 35% year-on-year to 17.56 lakh metric tonne, according to an exchange filing. The company surpassed its previous best production in FY08 by 29%.
Sales of manganese ore miner rose 30% year-on-year to hit a record high of 15.36 lakh tonne, outpacing its former best in FY08 by 10%.
Shares of the company surged 11.78% in the last five days, compared to a relatively flat NSE Nifty 50.
Key Levels To Watch
Support level: Rs 259.50 per share (two-month low).
Resistance level: Rs 369.65 per share (life high).
FY24 Performance
MOIL reached its peak production of electrolytic manganese dioxide at 1,413 tonne, marking a 28% year-on-year increase. EMD, a product entirely replacing imports, finds extensive use in pharmaceuticals and battery manufacturing.
With a firm focus on exploration, MOIL has conducted unprecedented exploratory core drilling spanning 87,661 metres, more than double the previous year's efforts. This not only sets the stage for boosted production in existing mines but also lays the groundwork for the establishment of new manganese mines.
The company's revenue rose 13.1% year-on-year to Rs 1,033.55 crore in the nine months ended December 2023, according to an exchange filing. Its Ebitda rose 30.8% to Rs 309.47 crore during the same period.
Recent Business Developments
MOIL has implemented price hikes across product categories with effect from April 1.
The company has increased prices of ferro-grade manganese ores by 3-6%, while fines and chemical grades will see a 3% uptick.
Price of electrolytic manganese dioxide has also been raised by Rs 2,000 per metric tonne for the month of April.
Street View
Of the four analysts tracking the company, two maintain a 'buy' rating, one recommends a 'hold' and one suggests a 'sell', according to Bloomberg data.
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