MOIL Achieves Record Production in August 2024 Despite Market Challenges
New Delhi [India], September 8, 2024: State-owned manganese manufacturer MOIL achieved its best-ever August production of 1.24 lakh tonnes in August 2024. The company produced 7.24 lakh tonnes in the first five months of the financial year 2024-25, marking a 7% growth over the previous year, according to a government statement.
MOIL also achieved sales of 5.92 lakh tonnes during April-August 2024, maintaining the same level as last year. The Ministry of Steel noted, “This is despite challenging market conditions and high international price volatility over the past few months.”
Revenue from operations increased by about 11% during April-August 2024 compared to the same period last year. MOIL has also focused on exploration, carrying out 46,585 meters of exploratory core drilling up to August, which is 1.6 times more than the previous year.
MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India. The company aims to double its production to 3 million tonnes by 2030 and is exploring new business opportunities in Gujarat, Rajasthan, and Odisha, in addition to other areas in Madhya Pradesh. Manganese is primarily used to make steel and ferromanganese alloys.
Doubts Revealed
MOIL -: MOIL stands for Manganese Ore India Limited. It is a company owned by the Indian government that mines and sells manganese, which is a metal used in making steel and batteries.
Record Production -: Record production means that the company produced more manganese in August 2024 than it ever has in any previous August.
Lakh tonnes -: A lakh is a unit in the Indian numbering system equal to 100,000. So, 1.24 lakh tonnes means 124,000 tonnes.
Financial year 2024-25 -: A financial year is a 12-month period used for accounting purposes. In India, it starts on April 1 and ends on March 31 of the next year. So, the financial year 2024-25 runs from April 1, 2024, to March 31, 2025.
Market challenges -: Market challenges refer to difficulties in the business environment, like changes in prices, competition, or demand for products.
Revenue from operations -: Revenue from operations is the money a company makes from its main business activities, like selling manganese in MOIL’s case.
Gujarat, Rajasthan, and Odisha -: These are states in India where MOIL is looking to start new business activities. Gujarat is in the west, Rajasthan is in the northwest, and Odisha is in the east of India.
