In a release to the exchanges, #MOIL said that it posted total revenues of Rs 14.4 bn a growth of 22% YoY in FY22. This is just Rs 50 mn less than the highest ever turnover recorded in FY19. In terms of production and sales volumes, it grew by 8% and 6% respectively to 1.231 mn and 1.212 mn MT. The second and third Covid-19 wave impacted the operational performance during Q1 and Q4.
Production and sales of high grade ore at around 660,000 MT (53-54% of total) was the highest ever. This is positive especially at a time when prices of high grade ore have risen more than other grades.
In terms of the Q4FY22 performance, on a high base of last year (up 81% YoY) revenues will grow by 4% YoY to Rs 4.7 bn. This is very much in line with our expectations and would mostly imply an EBIDTA in excess of Rs 2 bn for the quarter - the highest ever. Remain positive.