KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd) registered a net profit of ₹194 crore during the fourth quarter of 2020-21 as against a net profit of ₹26.44 crore in the corresponding period of the previous fiscal, recording a growth of 633.73 per cent.

The net profit went up from ₹43.48 crore in 2019-20 to ₹301.17 crore in 2020-21, recording a growth of 593.93 per cent.

MV Subba Rao, Chairman and Managing Director of KIOCL Ltd, said the company’s financial performance for 2020-21 was strong due to high sales realisation and adoption of cost control measures.

Despite tough challenges caused by pandemic, production activities continued uninterruptedly with the team work of the dedicated employees of KIOCL, and guidance from the board and the Union Ministry of Steel, he said.

The pellet production stood at 2.21 million tonnes (mt) in 2020-21 as against 2.37 mt in the previous fiscal.

He said the marginal drop in production was mainly due to disturbance such as severe rains, and poor visibility at sourcing point of iron ore fines. This resulted in short supply of raw materials.

He said KIOCL has continued its efforts to expand pellet market to different international markets such as Brazil and MENA. The share of Chinese market was 44 per cent and MENA countries 41 per cent, he said.

Revenue from operations stood at ₹939.71 crore in 2020-21 as against ₹499.75 crore in 2019-20.

Dividend announced

The board of directors of the company, which met on Thursday, recommended a dividend of ₹1.64 per equity share, subject to the approval of the shareholders at the annual general meeting.

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