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Reliance Securities Report
MOIL Ltd.'s Q4 FY22 revenues at Rs 4.68 billion was largely in line with our estimate of Rs 4.67 billion, up 3.9% YoY and 28.8% QoQ.
Manganese ore sales volume at 379,000 tonnes was in-line with our estimate as the company had shared its operational update at the end of FY22.
Manganese ore realisation at Rs 11,104/tonne fell 9% YoY, but was up 3% QoQ and was marginally lower (Rs 219) than our estimate of Rs 11,323/tonne.
However, Ebitda at Rs 2.14 billion increased sharply by 37.3% YoY and 31.6% QoQ and was significantly ahead than our estimate of Rs 1.63 billion, while margins at 45.7% was 890 bps also higher than estimate.
MOIL's Ebitda was partly aided by lower employee costs which fell 11% YoY and 7% QoQ to Rs 1.03 billion.
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