Mangaluru: The 45 Annual General Meeting (AGM) of Kudremukh Iron Ore Company Ltd.(KIOCL), a Central PSU under the Ministry of Steel was held on September 15 through Video Conferencing.
Wherein, the shareholders adopted the Annual Accounts for Financial Year (FY) 2020-21 and approved the final dividend of Rs. 1.64/ per equity share (ie 33.09% of PAT) on the face value of Rs. 10- each. The total dividend for the financial year ended 31 March 2021 amounts to Rs 99.67 Crores.
Addressing the shareholders, Shri T. Saminathan, CMD, highlighted the performance of 2477.83 Crores, with profit before tax of Rs 410 23 Crores respectively Rs.23 Crores, up by 20.49% & 544%. T. Saminathan, CMD, KIOCL informed that the Company’s Financial Performance for FY21 was strong due to high sales realization and adoption of Cost Control Measures.
Saminathan 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. Marginal drop in production was mainly due to Pandemic, disturbance like severe rains, poor visibility at sourcing point of Iron Ore Fines which resulted in short supply of raw materials.
THE HIGHLIGHTS OF PERFORMANCE OF FY 2020-21 ARE AS UNDER
Total income earned is Rs. 2477.83 crores as against Rs. 2056.53 crores in FY 20, up by 20.49 %
Profit before Tax Rs. 410.23 crores as against Rs.63.68 crores in FY20, up by 544%
Profit after Tax Rs. 301.17 crores against Rs.43.48 crores in FY20, up by 593%
Pellet Production achieved 2.21 Million Tons as against 2.37 Million Tons of the previous FY
Dispatches 2.311 Million Tons as against 2.356 Million Tons of previous FY
Export of Pellets 1.84 Milion Tons& Domestic sales 0.47 Milion Tons
Generated revenue of Rs. 4.57 crores from mineral exploration activities and work in and or ks. 119.09 Crores
Earned a Net Foreign Exchange of 1759.61 crores;
Incurred a CAPEX of 41.05 crores
HIGHLIGHTS OF THE 1st Quarter of FY 2021-22
During this quarter, Company reported 139% increase in Revenue from Operations at Rs. 1042.05 crores and a Profit Before Tax (PBT) of Rs.295.22 crores & Profíit After Tax (PAT) of Rs.215.92 crores.
Total income earned is Rs. 1059.50 crores as against Rs. 460.58 crores, up by 130%
Profit before Tax Rs. 29522 crores as against Rs.18.97 crores, up by 1456 %
Pellet Production achieved 6.03 Lakh tons as against 5.11 Lakh tons of previous FY, up by 18%
Dispatches 6.31 Lakh tons as against 5.68 Lakh tons of previous FY, up by 11%
The total dispatch of 6.31 Lakh tons of Pellets was in the export market
Despite the prolonged lockdown due to the second wave of COVID-19 during the quarter Apr-June 2021, the Company was able to maintain its normal operation by reorganizing its resources effectively in achieving consistent growth. The Pellet Plant Operations continued at their optimum level after enforcing strict preventive measures
against COVID-19 pandemic.
OPERATIONAL PERFORMANCE
He also informed that in FY 2020-21, KIOCL produced 2.21 Million tons and dispatched 2.311 million tons of pellets. The share of the Chinese market was 44%, MENA countries 33% and balance to Brazil, Malaysia etc.
During the first quarter of FY 2021-22, the Pellet Production achieved was 6.03 Lakh tons as against 5.11 Lakh tons of previous FY, up by 18%
FINANCIAL PERFORMANCE
The company recorded total income for the FY 2020-21 at Rs. 2477.83 crores, up by 20.49% The Company posted profit before tax of Rs. 410.23 crores for the year witnessing a growth of 544 % YoY.
During the first quarter of FY 2021-22, Company reported 139% increase in revenue from operations at Rs. 1042.05 crores and a Profit Before Tax (PBT) of Rs.295.22 crores and Profit After-Tax (PAT) of Rs.215.92 crores.
The stellar performance is highly commendable as a merchant Pellet producer in the absence of captive mine, lack of iron ore security, as t had incurred huge logistic cost in moving Iron Ore from Kirandul-Bacheli Sector of NMDC to its Pellet Plant located at Mangalore Port.
