MOIL Ltd. has announced that it registered a 6 percent year-on-year growth in manganese ore production to 13.02 lakh tonnes (LT) in the financial year 2022-23. This was the company's second highest production figure since its inception.

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In a filing to the stock exchanges on Sunday, the Miniratna public sector undertaking (PSU) said that it has made record capital expenditure worth Rs 245 crore in financial year 2023, a growth of 14 percent from financial year 2022.

MOIL also carried out best ever exploratory core drilling of 41,762 metres during the fiscal year, which is 2.7 times of the average exploration achieved in the last five years.

The company said this exploration will not only form the basis of heightened production from its existing mines, but will also be the foundation of opening new manganese mines in India.

The state-owned firm said that the sales turnover of Electrolytic Manganese Dioxide (EMD) reached a new high in the just concluded fiscal, which is more than double than the previous year.

EMD is a 100 percent import substitution product, used mainly for pharmaceuticals and manufacturing of batteries.

Ajit Kumar Saxena, MOIL's CMD, said that the company is poised to achieve much higher levels of production in the coming years, with strategies and action plan for it firmly in place.

MOIL is the largest producer of manganese ore in India and it contributes 45 percent of the total manganese production in the country. It has set a target of doubling its production to three million tonnes by 2030.

Shares of MOIL are trading 1.8 percent higher at Rs 144.8. The stock is down 15 percent so far this year.

(Edited by : Rukmani Krishna)