The company also stated that it had a production of 7.24 lakh tonnes during the first five months of the current financial year, which is a 7% growth on a year-on-year basis.
“With best-ever production of 1.24 lakh tonnes in August 2024, MOIL sustained its performance momentum. It has achieved production of 7.24 lakh tonne during the first five months of the current financial year (April to August 2024), registering a growth of 7% over CPLY,” said the company in a filing to the exchanges.
Despite challenging market conditions and high international price volatility over the past few months, the company has achieved sales of 5.92 lakh tonnes during the April-August period, which is almost at the same level of last year.
Also read: Cochin Shipyard shares tank 24% in one month. Is a recovery on the horizon?The revenue from operations has increased by about 11% during April-August 2024 over the corresponding period of the last year.Additionally, MOIL has carried out an exploratory core drilling of 46,585 metres up to August, which is 1.6 times than the previous year, said the exchange filing.Shares of MOIL have increased by 61% in the last one year while gaining 25% in the current calendar year so far. The stock has been under some pressure for the past 3 months, declining by 15% in the period.
MOIL Ltd is primarily engaged in the mining of manganese ore. It holds a significant market share of 50% and is the largest producer of manganese ore in the country.
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