MOIL Hikes Prices Across Product Range by 30-35%, Q4 Profit Up 12.6%

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Synopsis:

MOIL increases prices for ferro grades by 30-35%. Q4 FY24 net profit rises to ₹91.15 crore, up 12.6% YoY. Revenue drops 3% YoY but grows 36% sequentially. EBITDA margin slightly contracts to 30.8%.

MOIL News Today

MOIL, the state-owned manganese ore mining company, has announced a price hike effective June 1. Ferro grades with a manganese content of Mn-44% and above will see a substantial 35% increase, while those below Mn-44% will experience a 30% hike. This adjustment aligns with increases for all SGMR, fines, and chemical grades.

Electrolytic Manganese Dioxide (EMD) Price Adjustment

In addition to the ferro grade price adjustments, the basic price of Electrolytic Manganese Dioxide (EMD) has been raised by ₹1,000 per metric tonne (PMT), from ₹2,09,000/PMT to ₹2,10,000/PMT.

Q4 FY24 Financial Performance

MOIL reported a notable growth in net profit for the quarter ended March 2024. The company's net profit surged by 12.6% year-on-year to ₹91.15 crore from ₹80.95 crore in the corresponding period last year. On a quarter-on-quarter basis, the net profit witnessed an impressive increase of over 40%, rising from ₹54.1 crore in the December 2023 quarter.

Revenue and Operating Performance

Despite the profit growth, the company's revenue from operations witnessed a decline of almost 3% to ₹415.9 crore in the final quarter of FY24 compared to ₹428.06 crore in the year-ago period. However, there was a robust sequential growth of 36% in revenue. In the December quarter, MOIL reported revenue from operations at ₹306.3 crore.

On the operating front, MOIL's earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped by 3.2% year over year to ₹128.3 crore in Q4FY24 from ₹132.6 crore in the year-ago period. The EBITDA margin also contracted slightly to 30.8% in the quarter under review compared to 31% in the corresponding quarter of the previous fiscal year.

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