MOIL trades over 4% down as FY23 net profit declines 38%

The state-owned manganese mining firm’s reported a profit after tax of Rs 250.59 crore for FY 23, down 38 percent from the previous financial year

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The shares of MOIL were trading almost five percent down in the morning on May 29 after the state-owned manganese mining firm’s profit after tax (PAT) for the FY23 declined to Rs 250.59 crore, down 38 percent from the previous financial year.

The company recorded a profit before tax (PBT) of Rs 334.45 crore for FY23, down 39 percent from the previous year. The decline in profits can be attributed to lower net smelter return due to market conditions and an increase in manpower costs, the company said in its release on May 27.

At 9.29 am, the stock was quoting at Rs 152.15, down 4.61 percent. It was trading with volumes of 6,343 shares, compared to its five-day average of 19,984 shares, a decrease of 68 percent.

In the fourth quarter of FY23, MOIL achieved a 7 percent growth in manganese ore production, totaling 4.02 lakh tonnes compared to the corresponding period last year. Sales also saw improvement, reaching 3.91 lakh tonnes, a 3 percent increase over the corresponding period last year. The sales revenue from electrolytic manganese dioxide (EMD) saw a year-on-year growth of 48 percent.

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Throughout the financial year, MOIL recorded its second-highest production since the company’s inception. The sales of manganese ore for the year amounted to 11.78 lakh tonnes, slightly lower from FY22 due to market conditions. However, the sales turnover of EMD in FY23 reached a new high, registering more than 100 percent growth compared to the previous year, the company said.

MOIL demonstrated a robust capital expenditure (CAPEX) of Rs 245 crore in FY23, which is nearly equal to the net profit (PAT) of the year. The company also conducted its best-ever exploration core drilling, covering a distance of 41,762 meters during the year. This extensive exploration not only sets the stage for increased production from existing mines but also lays the foundation for opening new manganese mines in the country.

MOIL has recommended a total dividend of Rs 3.69 per share for the year, including the interim dividend of Rs 3 a share that has already been paid. Ajit Kumar Saxena, CMD MOIL, stressed the company’s commitment to achieving higher growth and said plans have been put in place to accomplish this goal. The company is confident in maintaining its growth trajectory and aims to achieve double-digit production growth in FY24.

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