India’s state owned manganese producer MOIL’s net profit declined by 55% YoY to INR 27.35 crore in the July-September quarter of 2022 as against INR 60.24 crore during the July- September quarter of 2021. MOIL’s sales declined by 24% to INR 235.99 crore in the quarter as against INR 311.73 crore during the previous year quarter. On the other hand, MOIL has registered an increase of 10% YoY in the production of manganese ore in H1 of the 2022-23 fiscal at 0.563 million tonne as compared to same period last year. However, despite challenges being faced by the steel industry currently, MOIL’s operating profit before tax has increased 11% to 128.46 crore during H1 of 2022-23 fiscal. Likewise, the profit before tax and profit after tax have increased to INR 167.30 crore and INR 130.12 crore from INR 159.42 crore and INR 122.03 crore respectively in comparison to the first half of 2021-22 fiscal.MOIL Limited is under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country and operates eleven mines in Maharashtra and Madhya Pradesh. MOIL holds 34% of manganese ore reserves of the country and is contributing 45% of the domestic production. The company has ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in Gujarat, Rajasthan and Odisha besides other areas in Madhya Pradesh.Like SAIL, MOIL is currently being spearheaded by a woman after MOIL’s Director Human Resources Ms Usha Singh recently assumed additional responsibility as MOIL CMD. Ms Singh has more than 30 years of diverse experience in SAIL, NMDC and MOIL and is an engineering graduate with an MBA.Public enterprises selection board on 2 September 2022 has selected Mr Ajit Kumar Saxena for the post of Chairman & Managing Director of MOIL Limited. Currently, he is serving as Director Operations in Rashtriya Ispat Nigam Limited. PESB in the Selection meeting had interviewed three others apart from him including Mr Rakesh Tumane, Director Finance MOILMs Usha Singh, Director Human Resources of MOILMr Sanjay Kulshrestha, Executive Director Rural Electrification Corporation
India’s state owned manganese producer MOIL’s net profit declined by 55% YoY to INR 27.35 crore in the July-September quarter of 2022 as against INR 60.24 crore during the July- September quarter of 2021. MOIL’s sales declined by 24% to INR 235.99 crore in the quarter as against INR 311.73 crore during the previous year quarter. On the other hand, MOIL has registered an increase of 10% YoY in the production of manganese ore in H1 of the 2022-23 fiscal at 0.563 million tonne as compared to same period last year. However, despite challenges being faced by the steel industry currently, MOIL’s operating profit before tax has increased 11% to 128.46 crore during H1 of 2022-23 fiscal. Likewise, the profit before tax and profit after tax have increased to INR 167.30 crore and INR 130.12 crore from INR 159.42 crore and INR 122.03 crore respectively in comparison to the first half of 2021-22 fiscal.MOIL Limited is under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country and operates eleven mines in Maharashtra and Madhya Pradesh. MOIL holds 34% of manganese ore reserves of the country and is contributing 45% of the domestic production. The company has ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in Gujarat, Rajasthan and Odisha besides other areas in Madhya Pradesh.Like SAIL, MOIL is currently being spearheaded by a woman after MOIL’s Director Human Resources Ms Usha Singh recently assumed additional responsibility as MOIL CMD. Ms Singh has more than 30 years of diverse experience in SAIL, NMDC and MOIL and is an engineering graduate with an MBA.Public enterprises selection board on 2 September 2022 has selected Mr Ajit Kumar Saxena for the post of Chairman & Managing Director of MOIL Limited. Currently, he is serving as Director Operations in Rashtriya Ispat Nigam Limited. PESB in the Selection meeting had interviewed three others apart from him including Mr Rakesh Tumane, Director Finance MOILMs Usha Singh, Director Human Resources of MOILMr Sanjay Kulshrestha, Executive Director Rural Electrification Corporation
