KIOCL FY21 profit zooms to Rs. 301.17 cr, Best in last one and half decades

New Delhi: The Board of KIOCL Limited, a CPSU under the Ministry of Steel, approved the Financial Results on 27.05.2021 for the Fourth Quarter, and the Financial year ended on 31st March 2021. KIOCL continued its march in ramping up the Financial performance & reported the highest Turnover largely due to better sales realisation & strong growth in Q4. 

 

KEY HIGHLIGHTS OF PERFORMANCE - FY 2020-21

1. Total Revenue earned is Rs. 2477.83 crores as against Rs.  2056.53 crores in FY 20, up by 20.49 %

2. Profit before Tax Rs. 410.23 crores as against Rs.63.68 crores in FY20, up by 544%

3. Profit after Tax Rs. 301.17 crores against Rs.43.48 crores in FY20, up by 593%.    

4. Pellet Production achieved 2.21 Million Tons as against 2.37 Million Tons of the previous FY 

5. Dispatches 2.311 Million Tons as against 2.356 Million Tons of previous FY 

6. Export of Pellets 1.84 Million Tons & Domestic sales 0.46 Million Tons 

 

For the quarter ended 31st March 2021, the Company posted a net profit of Rs. 194 crores after tax as against Rs. 26.44 crores, Revenue from operations Rs. 939.71 crores as against Rs. 499.75 crores earned during the corresponding period of the previous FY.

 

Shri MV Subba Rao, CMD, KIOCL informed that the Company’s Financial Performance for FY’21 was strong due to high sales realization and adoption of Cost Control Measures.

 

 

Shri. Rao also stated that despite tough challenges caused by the worst-ever pandemic, production activities continued uninterruptedly with the teamwork of its dedicated employees, guidance from the Board and Ministry of Steel. He also mentioned that the Company is expected to achieve MOU ratings of above 80%. 

Marginal drop in production was mainly due to disturbance like severe rains, poor visibility at the sourcing point of Iron Ore Fines which resulted in a short supply of raw materials.

 

 

MARKET SCENARIO 

 

KIOCL has continued its efforts to expand Pellet Market to different International Markets like Brazil, MENA countries, etc.  The share of Chinese market was 44%, MENA countries 41%, and balance to Brazil, Malaysia, etc.

 

 

NEW BUSINESS & PROJECTS

 

The Mineral Exploration works assigned by NMET, Ministry of Mines, GoI & Department of Mines & Geology, GoK, are under different stages of execution. KIOCL completed G4 level exploration works for 4 blocks and submitted the report to NMET which includes minerals such as Nickel, Limestone & Dolomite. In addition, 10 blocks of Iron and Manganese ore allotted by GoK for G2 and G3 level exploration works, are under progress. 

 

The company has completed the project works of 5 MW Solar Power Plant, 1000 TPH Barrel type Blender Reclaimer. The Installation of Vertical Pressure Filter units at the Pellet Plant is under progress and expected to be completed during the current financial year. 

 

During the financial year, Company has also opted for Buyback of Shares and spent an amount of   Rs. 188.94 crores including Tax. 

 

 

DIVIDEND 

 

The Board of Directors have recommended a dividend of Rs 1.64 paisa per equity share, subject to the approval of the shareholders at the Annual General Meeting. The total dividend for the financial year ended 31st March 2021 amounts to Rs.99.67 Crores, thereby distributing dividend as 33.09 % of PAT.

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