India: MOIL eyes double digit manganese ore output growth in FY24

Manganese Ore India Limited (MOIL), India's largest manganese ore producer, anticipates double digit manganese ore output growth in the financial year of 2024 (FY24) as its production increased by 6% in FY23. MOIL said this while releasing its operational and financial results of FY23 as well as production goals for FY24.

Production rises by 6% y-o-y

A total of 0.402 million tonnes (mnt) of manganese ore (fines and non-fines) were produced in Q4FY23, up by 7% y-o-y. Total production in FY23 stood at 1.302 mnt which was the second highest since inception of the company in 1962. The total production increased by 6% y-o-y against 1.231 mnt in FY22. Eyeing to significantly contribute in National Steel Policy's mission to achieve 300 mnt of steel production capacity by 2030-31, MOIL anticipates producing 3 mnt of manganese ore by 2030.

Sales fall by 3% y-o-y

In FY23, sales volume decreased by 3% to 1.178 mnt from 1.212 mnt in the corresponding period last year (CPLY). However, electrolytic manganese dioxide sales increased by 100% y-o-y in FY23. Due to weak market conditions and rising labour costs, profits before taxes (PBT) and profits after taxes (PAT) also decreased by 39% and 38%, respectively.

Future plans

MOIL anticipates attaining stronger production growth and earnings and is optimistic that it will continue to produce at a double-digit rate in FY24 as well. It is also exploring business opportunities in Gujarat, Rajasthan, Chhattisgarh and Odisha.