Companies

KIOCL produces 6.1 lakh tonne pellets in Q1, posts ₹16-crore profit

Our Bureau Mangaluru | Updated on August 08, 2019 Published on August 08, 2019

KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd), a Miniratna Central public sector enterprise (CPSE), produced 6.1 lakh tonnes of iron ore pellets in the first quarter of FY20, against the target of 4.9 lakh tonnes for the period. KIOCL operates a pellet production plant here.

The company said 5.39 lakh tonnes of iron ore pellets were exported and 1.6 lakh tonnes were sold in the domestic market during the quarter. This marked a 31 per cent increase in sales volume compared to the first quarter of FY19.

KIOCL’s revenue from operations stood at ₹598.44 crore during Q1 FY20, against ₹393.18 crore in the corresponding period of FY19. Its profit after tax stood at ₹16.64 crore, against a loss of ₹3.63 crore in Q1 FY19.

Quoting MV Subba Rao, Chairman and Managing Director of KIOCL, a company press release said factors such as supportive pricing environment, efficiency in production, and swift decision making in exploiting market opportunity and implementing the concept of ‘Make in India’ helped the company achieve a top line growth from operations.

To tide over the raw materials constraints, the company has initiated negotiations with international miners for importing raw material to take advantage of the prevailing market opportunities arising out of sharp increase in pellets demands worldwide.

He said statutory clearances for obtaining captive mines as well as for diversified projects are under an advanced stage.

Published on August 08, 2019
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