KIOCL achieves 104.3% higher pellet production in Q1

Our Bureau Bengaluru | Updated on August 11, 2020

On the dispatch of pellets, KIOCL has achieved 5.68 lakh tonnes surpassing the quarterly targets of 4.5 lakh tonnes   -  H_S_MANJUNATH /THE HINDU

KIOCL Ltd has achieved pellet production of 5.11 lakh tonnes against the quarterly target of 4.90 lakh tonnes, an increase of 104.30 per cent.

On the dispatch of pellets, the company has achieved 5.68 lakh tonnes surpassing the quarterly targets of 4.5 lakh tonnes. During the quarter 5.21 lakh tonnes were exported and 0.47 lakh tonnes were sold in the domestic market. There is an increase in sales volume by 126 per cent against the quarterly target of 4.5 lakh tonnes.

M V Subba Rao, CMD, KIOCL, said in-spite of prolonged lockdown imposed in the country during the first-quarter April–June 2020, the company has overcome the hindrances by reorganising the customer requirements to cope-up with the situation and effectively encountered the temporary setback to attain sustainable growth.”

He added: “The pellet plant operations, mineral exploration activities continued in its full form while maintaining strict preventive measures against Covid-19.”

He also informed that statutory clearances for BFU Integration Projects have already been obtained and tendering process for various packages are in advance stages.

On Monday, the board of directors of the company approved the financial results for the first quarter ended on June 30, 2020. During Q1 the company reported revenue from operations of ₹436.71 crore and reported a profit before tax (PBT) of ₹18.97 crore and profit after tax (PAT) of ₹12.02 crore.

Published on August 11, 2020

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