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KIOCL Ltd, which operates a port-based pellet plant in Mangaluru, has reported a profit after tax (PAT) of ₹45.89 crore in the first six months of 2018-19 as against a PAT of ₹8.35 crore in the corresponding period of the previous fiscal.
Quoting MV Subba Rao, Chairman and Managing Director of KIOCL, a press release said Wednesday that the appreciation of dollar, increase in steel production in the domestic market, and increase in exports helped the company to improve the performance. Entering into the European market in addition to Asian countries for the sale of pellets helped in getting highest realisation. The company has totally utilised sea-route for its inward and outward movements, he said.
The company has initiated negotiations with major global steel manufacturers for entering into long-term and spot market for the sale of pellets for the next financial year.
Rao said KIOCL is expanding its business by setting up of pellet plants in the country wherever market and raw material security exist.
The company is expected to complete all approved projects, including modernisation of pellet plant and blast furnace unit, within a span of two-and-a-half years if all the statutory clearances are received in-time, he said.
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