KIOCL declared half yearly financial results 2019-20 PSU NEWS

 

New Delhi: KIOCL Limited, a NSE, BSE & MSEI Listed CPSU under Ministry of Steel, declared its Q2 financial results for the year 2019-20. In its Board Meeting held today in New Delhi, the Board of Directors of the Company approved its first half yearly financial results for the Financial Year 2019-20.
 
The highlights of First half yearly performance of FY 2019-20 are as under:
 
- Total Revenue earned is Rs. 1012.71 Crores as against Rs. 875.42 Crores in the FY 2018-19, a registered growth of 15.68%.
 
- PAT of Rs. 20.71 Crores as against Rs. 45.89 Crores during the corresponding period of previous year.
 
- Revenue from operations was Rs.959.66 Crores as against Rs. 818.60 Crores in the year before, up by 17.23%.
 
Shri MV Subba Rao, CMD, KIOCL stated that the increase in Revenue from operations was due to the pellet supplies to Middle East Countries, a new market that has helped to increase the sales volume and turnover. 
 
He also specified that due to severe drop in global steel as well as pellet prices, Company’s profitability has been affected.   The Company is continuing to procure iron ore from different sources to reduce input raw material cost.   
 
Further, the Company is continuously exploring new markets for sale of pellets as well as raw material sources for cost effectiveness. The Company is actively carrying out Mineral Exploration activities in the State of Karnataka with funding from NMET (National Mineral Exploration Trust) and also from Govt. of Karnataka. Getting Statutory clearances for the proposed CAPEX viz; Setting up Forward & Backward Projects at BFU, Mangaluru, Development of Devadari Iron Ore Mines, setting up of 5 MW Solar Power Plant are under process. 
 
 


Posted Date :  13-11-19

Categories : PSU NEWS

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