India: MOIL posts 10% growth in manganese ore output in Apr-Sep'22

India's largest manganese ore producer, Manganese Ore India Limited (MOIL), released its operational and financial results for the six months of FY23 (April-September).

Operational results

Production up 10%

In April-September, the miner produced 563,000 t of different grades of manganese ore (including non-fines and fines). The output of non-fines manganese ore stood at 473,000 t, an increase of 11% y-o-y, while fines ore production rose 7% y-o-y to 90,000 t in the period under review. The company's manganese ore production increased despite moderate demand for manganese alloys in the domestic and overseas markets.In addition, manganese ore imports up by 4% to 4.34 million tonnes (mnt) in Q3CY22 against 4.17 mnt in Q3CY21.

Sales fall 7% y-o-y

The company's manganese ore sales volume decreased by 7% to 490,000 t (including non-fines and fines ore) in April-September. Sales of non-fines manganese ore decreased by 9% y-o-y to 402,000 t. On the other hand, fines ore accounted for 88,000 t, up 7% y-o-y.

Sales realisation rises 7% y-o-y

MOIL's net profit increased by 7% y-o-y to INR 1.3 billion ($16.10 million) in April-September compared with 1.2 billion in the year-ago period.

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