KIOCL showed the half yearly audited financial results 2020-21

KIOCL showed the half yearly audited financial results 2020-21

Bengaluru: KIOCL Limited (“Company”), a NSE, BSE & MSEI listed CPSU under Ministry of Steel, GoI declared its audited financial results for the half year and second quarter ended on September 30, 2020 for the financial year 2020-21. During the Board meeting held on November 11, 2020 at Bengaluru through Video-conferencing, Shri Subba Rao, Chairman-cum-Managing Director, informed that the Board of Directors of the Company have approved the second quarter and half yearly audited financial results for the Financial year 2020-21.  
 
Shri Rao commenting on the performance, stated that the company scored well during the first half of the financial year 2020-21 in the midst of COVID-19 pandemic and incessant rains that caused disruptions in iron ore supplies from Chhattisgarh State. Company has also undertaken stringent austerity measures to improve profitability for its long-term sustenance.  
 
The increase in Profit was due to increase in pellet prices during the second quarter. The Profit After Tax (PAT) for second quarter was Rs.31.32 crores, an increase of 669% over previous year for the same period. There was an increase in total revenue by 26% that stood at Rs. 486.44 crores. 
 
 
The highlights of the performance first half of the financial year 2020-21 are as under:
 
PBT of Rs.61.13 Crores has increased by 80.32% as against Rs.33.90 Crores that was achieved during the corresponding period of previous year. 
 
PAT of Rs. 43.34 Crores has increased by 109% as against Rs. 20.71 Crores during the corresponding period of previous year. 
 
Revenue from operations was Rs.897.63 Crores, a drop by 6.5% as against Rs.959.66 Crores achieved during corresponding period of previous year.
 
Pellet Production was 1.007 Million Tons & Despatch 1.121 Million Tons as against 1.115 Million Tons of Production & 1.111 Million Tons of Despatch during the corresponding period of previous year. 
 
Total Revenue earned is Rs. 947.02 Crores as against Rs. 1,012.71 Crores for the FY 2019-20.
 
Further, the Company is continuously exploring new markets for sale of pellets as well as raw material sources for cost effectiveness from both domestic and international markets.
 
In spite of lock down that was imposed due to COVID-19 pandemic, exploration works offered by Govt. of Karnataka and National Mineral Exploration Trust are continuing as per the schedule. Recently, exploration activities have started at Reddipalyam, Tamil Nadu for G3 level & in Bagalkot district of Karnataka for G4 level for establishing the Limestone reserves.  
 
Regarding diversification plans of KIOCL, a Solar Power Plant is expected to be commissioned shortly. Project work for installing Vertical Pressure filters at Pellet plant has just started. BFU integration projects such as DISP and Coke oven are under tendering stage. 
 

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