India: MOIL posts 16% growth in manganese ore output in Apr-Dec'21

India's largest manganese ore producer, Manganese Ore India Limited (MOIL), released its operational and financial results for the nine months of FY'22 (Apr-Dec'21).

Operational results

• Production up 16%
  In Apr-Dec'21, the miner produced 8.57 lakh tonnes of different grades of manganese ore (including non-fines and fines manganese ore), up 16% y-o-y against 7.41 lakh tonnes in Apr-Dec'20. The output of non-fines manganese ore stood at 7.20 lakh tonnes, an increase of 17% y-o-y while fines ore production jumped 7% y-o-y to 1.37 lakh tonnes in the period under review. The company's manganese ore production increased despite Covid-19 restrictions in CY'21.
  
  
• Sales volume rises 3% y-o-y
  The company's manganese ore sales volume increased by 3% to 8.33 lakh tonnes (including non-fines and fines ore) in Apr-Dec'21 from 8.05 lakh tonnes in Apr-Dec'20. MOIL has been able to achieve excellent performance with better product planning and marketing strategy even with the adverse effects of the second and third wave of Covid-19. Sales of non-fines manganese ore increased by 3% y-o-y to 7.01 lakh tonnes while that of fines ore were recorded at 1.32 lakh tonnes, up by 6% y-o-y in the period under period.
  
  

Financial results

• Revenue from operations stood at INR 968.41 crore in Apr-Dec'21 compared with INR 727.26 crore in the corresponding period last year.
  
  
• Net profit stood at INR 123.88 crore, the highest quarterly profit since FY'19-20.