44th Annual General Meeting of KIOCL PSU NEWS

 

44th Annual General Meeting of KIOCL

 

Bangalore: The 44th AGM of KIOCL Ltd., a state-owned PSU under Ministry of Steel is held this day (29.09.2020) at its Registered Office at Bangalore through Video-Conference. At today’s AGM, the shareholders adopted the Annual Accounts for FY 2019-20 and approved the dividend final of Re. 0.70/ per equity share (ie.7.0%) on face value of Rs. 10/- each. 

Addressing the shareholders, Shri M.V. Subba Rao, CMD, highlighted fiscal year 2019-20 performance and said that the Company reported a turnover of Rs. 2056.53 Cr which is largest since inception, with profit before tax at Rs. 43.48 Cr.
 
CMD viewed that since the outbreak of Pandemic, International market for iron ore and Pellet was under severe pressure as manufacturing and economic activities across the globe is affected. However, the Company could overcome the hindrances by reorganizing the requirements to cope up with the situation and effectively encountered the setback. Despite all, our commitment towards sustainable growth of the Company was consistent. 
 
The highlights of performance of FY 2019-20 are as under:
 
? Pellet Dispatch    2.356 Million tons, up by 7% YoY
? Profit before Tax Rs. 63.68 crores, Profit after Tax Rs. 43.48 crores, 
Export of the Pellet 1.99 Million Tons for a value of Rs. 1574.13 crores, Highest since closer of the captive mine (end of 2005) at Kudremukh. 
 
Total exports of the company stood at 84%, shot up by 31% YoY basis, penetrating into Brazil, Middle East, China, European markets etc., thereby facilitated in improving overall performance of the company all through 100% utilization of coastal sea route.
 
Shri Rao, informed that the Company’s Financial Results for FY 20 was better because of insights taken by the company that made it stronger for the uncertainty and difficult times due to COVID 19 pandemic that wrapped the world during the last part of the fourth quarter and enduring in FY 21. 
 
BUILDING KIOCL OF TOMORROW
Shri Rao, also stated that currently company is at an important stage, where the major projects are in different stages of implementation to build a diverse and sustainable Company by overcoming its existing challenges of being a single product company and its plant located away from both mine and consumer head. 
 
In this direction, being a zero debt Company with satisfactory equity base, has envisaged a CAPEX of about Rs 3553 Crores towards various long term / short term expansion / diversification projects.
 The following projects are in different stages of implementation: 
 
Modernization of Pellet Plant Unit by installing Vertical Pressure Filters and Reclaimer for handling Iron Ore Fines.
 
Company has been successful in obtaining statutory clearances from Govt. of India for its envisaged projects viz., setting up of 1.80 LTPA Coke oven plant & 2.0 LTPA DISP Plant with Modernization of BFU.
 
Setting up of 2.0 MTPA Pellet Plant with M/s RINL at Vizag under Joint Venture.
 
TRANSFORMING LIVES OF PEOPLE THROUGH CSR
 
In Financial Year 2019-20, KIOCL has spent Rs 3.31 Crores for its various CSR programs with target areas spanning from Education, Promotion of Sports, Clean Drinking Water, Health Care and Development of aspirational District etc. 
 
Company had contributed Rs 10.10 Crores to ‘PM CARES FUND’ and Rs15.00 Lakhs to the Karnataka ‘CM RELIEF FUND’ to strengthen the hands of Government in this testing time. Employees of the Company were also donated one day salary amounting to Rs 23.72 lakhs to ‘PM CARES FUND’. 
 
DIVIDEND: The Board of Directors have recommended a dividend of Rs 0.70 per equity share, after to the approval of the shareholders at the Annual General Meeting. The total dividend for the financial year ended 31st March, 2020 amounts to Rs. 43.54 Crores, thereby distributing dividend as 100 % of PAT.
 


Posted Date :  29-09-20

Categories : PSU NEWS

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