After the state-owned manganese mining company's profit after tax (PAT) for the FY23 dropped to Rs 250.59 crore, down 38% from the prior fiscal year, the shares of MOIL were trading about 5% lower in the morning of May 29.

For FY23, the business reported profit before tax (PBT) of Rs 334.45 crore, a decrease of 39% from the same period last year. According to the company's press release on May 27, the reduction in earnings can be linked to reduced net smelter profit because of the marketplace and a rise in labor expenses.

The stock was trading at Rs 152.15 at 9.29 am, down 4.61 percent. It was trading with volumes of 6,343 shares, which is a 68 percent decline from its five-day average of 19,984 shares.

Comparing the fourth quarter of FY23 to the same period in FY22, MOIL's production of manganese ore increased by 7%, reaching 4.02 lakh tonnes. Additionally, sales increased by 3% over the same period last year, hitting 3.91 lakh tonnes. Electrolytic manganese dioxide (EMD) revenue from sales increased by 48% year over year.

Since the company's founding, MOIL's production totaled its second-highest amount over its entire fiscal year. Because of the state of the market, manganese mined sales for the year were 11.78 lakh tonnes, somewhat less than in FY22. However, the firm said that EMD's revenue turnover in FY23 increased by more than 100% over the prior year, setting a new high.

In FY23, MOIL showed a strong capital expenditure (CAPEX) of Rs 245 crore, which is almost identical to the year's net profit (PAT). Additionally, the business carried out its best-ever exploratory core drilling operation during the year, covering a total distance of 41,762 meters. This thorough investigation provides a way for new manganese mines to be established in the nation as well as greater output from current mines.

In addition to the already-paid interim dividend of Rs 3 per share, MOIL suggested a total dividend for the year of Rs 3.69 per share. The company is committed to achieving greater expansion, and preparations have been put in place to do so, according to Ajit Kumar Saxena, CMD of MOIL. To achieve double-digit output growth in FY24, the company is confident in maintaining its growth trajectory.