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KIOCL Ltd reported a turnover of ₹2056.53 crore for 2019-20, according to MV Subba Rao, Chairman and Managing Director of the company.
Addressing the shareholders at the 44th annual general meeting of KIOCL Ltd, which was conducted at the registered office of the company in Bengaluru through video-conference on Tuesday, he said that the company recorded a profit before tax at ₹43.48 crore during the period.
He said international market for iron ore and pellet was under severe pressure since the outbreak of pandemic as manufacturing and economic activities across the globe were affected. However, KIOCL Ltd could overcome the hindrances by reorganizing the requirements to cope up with the situation and effectively encountered the setback. “Despite all, our commitment towards sustainable growth of the company was consistent,” he said.
The export of the iron ore pellet at 1.99 million tonnes (worth ₹1,574.13 crore) was the highest since the closure of the captive mine of the company at Kudremukh in 2005. The total exports of the company stood at 84 per cent, penetrating into Brazil, Middle East, China, European markets etc., he said.
The shareholders at the 44th AGM of the company also approved the final dividend of ₹0.70 per equity share on face value of ₹10 each.
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