Strong demand puts KIOCL back in black; Q3 PAT at ₹64 crore

Our Bureau Mangaluru | Updated on February 10, 2021

KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd) recorded a profit after tax of ₹63.82 crore during the third quarter of 2020-21 as against a loss of ₹3.66 crore in the corresponding period of the previous fiscal.

The income from operations stood at ₹546.28 crore during Q3 of 2020-21 as against ₹478.24 crore in Q3 of 2019-20.

Quoting MV Subba Rao, Chairman and Managing Director of KIOCL Ltd, a press release said that the sea-borne iron market depicted positively during December 2020 due to good demand from Chinese steel mills and lower port stock.

He said that strong demand for iron ore pellet in overseas market due to higher steel production in China, robust domestic demand due to shortage of iron ore, and higher steel prices resulted in encouraging financial performance of the company.

During the third quarter of 2020-21, pellet production and despatches stood at 0.489 million tonnes and 0.522 million tonnes, respectively, the release said.

Published on February 10, 2021

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