PSU NEWS
KIOCL declared Q3 financial results for the year 2019-20
New Delhi: KIOCL Limited, a NSE, BSE & MSEI listed CPSU under Ministry of Steel, declared Q3 financial results for the year 2019-20. In its Board Meeting held today at New Delhi, the Board of Directors of the Company approved financial results for the 3rd Quarter ended 31st Dec. 2019.
The highlights of 3rd Quarter along with cumulative performance of FY 2019-20 are as stated below:
- Total Revenue earned from operations is Rs.478.24 crores against target of Rs.522.22 crores, cumulative revenue is Rs.1437.88 Crores against the target of Rs. 1396.66 crores.
- PAT of (-) Rs. 3.66 crores for Q3, Rs.17.04 Crores cumulative.
Shri MV Subba Rao, CMD, KIOCL stated that during the third quarter, iron ore market was dull due to poor steel prices both in domestic and international markets, reduction in capacity utilization by global steel players except China, excess supply of iron ore pellets etc. Due to this, Company made operating loss during October & November 2019. During the month of December 2019, it has shown a substantial improvement in profit.
However, KIOCL exported highest percentage of pellets i.e. 82% which is very high in recent years and earned foreign exchange of Rs.1138 crores.Further, with regard to the forthcoming projects of KIOCL, Mr. Rao told that the Forward & Backward Integration at Blast Furnace Unit i.e. setting up of 1.8 Lakh tons capacity Coke Oven Plant and 2.0 Lakh Tons capacity Ductile Iron Spun Pipe Plant, the Ministry of Finance, GoI & PIB have given clearance for this project and awaiting for environmental clearance from MoEF.
Mr Rao also expressed that the new vertical i.e. exploration of minerals is emerging as a revenue generating vertical of KIOCL.The Company has already received orders for Rs. 98 crores and expecting orders for another Rs.72 crores shortly. Mr. Rao also informed that the Statutory clearance for starting mining operations at Devadari mines are under process and we are interacting frequently with highest authorities of state for getting clearances so that mining operation can be planned accordingly.
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