MOIL zooms 4% as FY22 turnover grows 22% to Rs 1,436 cr

NEW DELHI – Shares of MOIL shot up 4.10 per cent in early trade on Tuesday as the state-owned manganese ore miner reported a 22 per cent growth in its turnover at Rs 1,436 crore for the financial year ended March 31, 2022.

According to the Steel Ministry, the financial year gone by has been one of the best years of performance in the history of MOIL.

MOIL’s share price climbed to a high of Rs 198.95 as against Rs 191.10 at the previous close on the BSE.

"(In FY22) total turnover has been Rs 1,436 crore (provisional) registering growth of 22 per cent in comparison to Rs 1,177 crore in the previous year, and marginally lower than the highest-ever achievement of Rs 1,441 crore in FY 2018-19," the ministry said, according to a PTI report.

The company has achieved the Rs 1,436-crore turnover mark despite the adverse impact of the second and third waves of COVID-19 affecting its operational activities, the ministry noted.

MOIL has also achieved production of 12.31 lakh tonnes (LT) in FY 2021-22 as against 11.43 LT in the preceding financial year, a year-on-year increase of 8 per cent, PTI’s report said, adding that total sales increased by 6 per cent to 12.12 LT, from 11.43 LT in 2020-21.

MOIL is the country's largest manganese ore mining company. It operates 11 mines -- seven located in the Nagpur and Bhandara districts of Maharashtra and four in Balaghat district of Madhya Pradesh.