KIOCL’s pellet production up 6% in FY20

AJ Vinayak Mangaluru | Updated on June 26, 2020 Published on June 26, 2020

A view of KIOCL’s pellet plant in Mangaluru.

Pellet production of KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd) increased to 2.37 million tonnes during 2019-20 as against 2.23 mt in 2018-19, recording a growth of 6.12 per cent.

A press statement by the company said here on Friday that the dispatches from the company increased to 2.35 mt in 2019-20 as against 2.206 million tonnes in the corresponding previous fiscal. It said that both production and dispatches are the highest since 2006.

The total revenue of the company stood at ₹2,056.53 crore (₹2,012.68 crore) during the year. The turnover is highest since the inception of company, it said.

Export of pellets from the company stood at 1.99 mt during 2019-20. This is the highest export since the closure of the captive mine of the company at Kudremukh at the end of 2005, the statement said.

The total export of the company was at 84 per cent of production, and it shot up by 31 per cent year-on-year basis. The company penetrated markets of Brazil, West Asia, China and Europe. This facilitated in improving overall performance of the company, it said.

Profit after tax of the company stood at ₹43.48 crore during 2019-20 as against ₹111.86 crore in the corresponding previous fiscal.

The board of directors of the company has recommended a dividend of ₹0.70 per equity share, subject to the approval of the shareholders at the annual general meeting, it added.

Published on June 26, 2020
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