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Systematix Research Report
MOIL Ltd.’s Q1 FY23 net sales at Rs 3.7 billion was up 28.0% YoY, but fell 19.7% QoQ (10% above estimate). Adjusted Ebitda of Rs 1.5 billion rose 76.7% YoY, but declined 30.8% QoQ (also 10% above estimate).
The beat in Q1 result was largely driven by high inventory liquidation and sales volumes of 0.28 million tonne, which were up 8.4% YoY, but down 25.3% QoQ (3% above estimate).
Blended realisation at Rs 12,023/tonne surged by 16.6% YoY and 8.3% QoQ.
MOIL’s manganese ore pricing is linked to international landed prices, and largely tracks global cues. MOIL is currently amid a multi-year capex to raise its evacuation capacity to 2.5 million tonne of manganese ore by 2025 and further to 3 million tonne by 2030 from 1.3 million tonne currently, despite the 9-12 month delay in near-term capex.
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