The company in an exchange filing on Tuesday said that it registered record quarterly sales and production figures since its inception.
Sales for the April-June quarter grew by 14.5% year-on-year to record levels, although the company did not share the actual sales figure. “The impact of this could be seen in record revenues as well,” MOIL said.
Production during the quarter also increased by 7.8% from last year to a record 4.7 lakh tonnes.
MOIL has also focused on exploration activities and carried out exploratory core drilling of 30,028 meters between April to June, which is also a growth of 49% from last year.
MOIL CMD Ajit Kumar Saxena said that he is confident that the company will continue this business momentum in the quarters ahead.
Based out of Nagpur, MOIL is a ‘Miniratna’ state-owned company, involved in Manganese Ore mining.
Recently, MOIL had increased the prices of all Ferro grades of Manganese ore with Manganese content of Mn-44% and above by 2% for the month of July. On the other hand, the price of all other Ferro grades of Manganese ore with Manganese content below Mn-44% were cut by 8%. The prices of all SMGR fines and chemical grades were also cut by 8% for the month of July.
Shares of MOIL are currently trading 6.6% higher at ₹524.95. The stock is trading close to its record high of ₹566, which it had it on June 24 this year. Shares have surged nearly 70% this year, but over the last 12 months, the stock has tripled in value, rising as much as 220%.
