Companies

At 2.24 mt, KIOCL pellets output down a tad in FY19

Our Bureau Mangaluru | Updated on May 24, 2019 Published on May 24, 2019

MV Subba Rao, Chairman and Managing Director of KIOCL (File photo)   -  The Hindu

KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd) produced 2.24 million tonnes (mt) of iron ore pellets in 2018-19 against 2.32 mt in 2017-18. Of the pellets produced during 2018-19, 1.52 million tonnes were exported during the year.

Quoting MV Subba Rao, Chairman and Managing Director of KIOCL, a press release said that this is the highest quantity of pellets exported since the closure of the captive mines of KIOCL at Kudremukh in 2006. Income from operations increased to ₹1,887.71 crore during 2018-19 as against ₹1,637.18 crore during 2017-18. The release said this is the highest income from operations since the inception of the company. Profit after tax of KIOCL stood at ₹111.86 crore (₹81.48 crore) during the fiscal.

Rao said in the press release that the pellet plant in Mangaluru continued to perform well due to the initiatives such as improved production of pellet with internationally acclaimed physical and chemical specifications, 100 per cent utilisation of coastal sea route for incoming and outgoing movements of cargo, and excellent treasury management and implementation of stringent austerity measures during the year.

KIOCL has also entered into high-grade new pellet market where premium is high. Operational and maintenance portal, and exploration works of different minerals helped the company to improve the turnover and profitability, it said. In addition to the Chinese and the domestic markets, the company entered new international markets such as Japan, South Korea, Vietnam, Malaysia, Chile and the UK, the release said. The board of KIOCL has recommended a final dividend at ₹1.33 per equity share of ₹10 each to the shareholders for the fiscal ended March 31. This is subjected to the approval of the shareholders of the company.

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Published on May 24, 2019
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