MOIL, a government-owned mining company in India, has reported its best performance ever for the third quarter of the financial year 2024-2025. Between October and December 2024, the company produced 460,000 tonnes of manganese ore, marking its highest output for any third quarter. During the same period, MOIL sold 388,000 tonnes of manganese ore, which is a 13% increase compared to the same quarter in the previous year.
Looking at the nine months from April to December 2024, MOIL’s production reached 1.33 million tonnes, showing a 4.5% rise from the same period last year. Sales during these nine months were 1.139 million tonnes, up by 3.5% YoY. Additionally, the company conducted 72,340 meters of exploratory drilling, which is 19% more than what was done in the same timeframe the previous year.
These achievements indicate that MOIL is on track to surpass its highest-ever revenue for the third quarter. The company’s Chairman and Managing Director, Ajit Kumar Saxena, expressed satisfaction with the recent performance and is optimistic about maintaining this growth in the future.
Despite these positive developments, MOIL’s stock performance has been modest. Over the past year, the company’s shares have returned just 7%, underperforming compared to the Nifty index, which saw a 12% return in the same period. As of the latest trading session, MOIL’s shares closed at ₹338 on the NSE, reflecting a 2.31% decrease from the previous day’s closing price.
MOIL, formerly known as Manganese Ore (India) Limited, is a Mini Ratna company under the Indian government’s control. It is the largest producer of manganese ore in India, operating 11 mines across Maharashtra and Madhya Pradesh.
Manganese ore is a crucial raw material used in steel production and various other industrial processes. MOIL’s recent increase in production and sales indicates a strong demand for this mineral, which could positively impact the company’s financial health in the upcoming quarters.
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