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KIOCL FY’ 21 profit rises to Rs 301.17 cr

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KIOCL FY’ 21 profit rises to Rs 301.17 cr

Mangaluru: The Financial results for the Fourth Quarter and the Financial year ended on March 31, 2021 were approved by the Board of KIOCL Limited, a CPSU under the Ministry of Steel, on May 27 Thursday. KIOCL continues to improve its financial performance, reporting the highest Turnover in Q4, owing to improved sales realisation and significant growth.

Total Revenue earned is Rs. 2477.83 crores, which is 20.49 percent more against Rs. 2056.53 crores in FY’20. Profit before taxes increased by 544 percent to Rs. 410.23 crores from Rs. 63.68 crores in FY’20. Profit after tax was Rs. 301.17 crores, up 593 percent from Rs. 43.48 crores in FY’20. Pellet production was 2.21 million tonnes, down from 2.37 million tonnes in the previous financial year. 2.311 million tonnes are dispatched, compared to 2.356 million tonnes in the previous financial year. 1.84 million tonnes of pellets were exported, with 0.46 million tonnes sold domestically.

The Company reported a net profit of Rs. 194 crores after tax for the quarter ended March 31, 2021, compared to Rs. 26.44 crores in the previous financial year, and revenue from operations of Rs. 939.71 crores compared to Rs. 499.75 crores in the previous financial year.

KIOCL’s financial performance for FY21 was robust, according to MV Subba Rao, CMD. This was owing to high sales realisation and the implementation of cost control measures. “Despite the severe hurdles posed by the deadliest pandemic, the production activities proceeded unabated due to the dedicated efforts of the company’s dedicated employees, as well as direction from the Board and the Ministry of Steel,” remarked Rao.

He further stated that the Company expects to receive MOU ratings of more than 80%. The marginal drop in production was primarily due to disruptions such as strong rains and poor visibility at the Iron Ore Fines sourcing point, which resulted in a shortage of raw materials.

KIOCL has continued its attempts to grow the Pellet Market to new international markets like as Brazil and the Middle East and North Africa (MENA). China accounted for 44% of the market, followed by the Middle East and North Africa (MENA) with 41% and Brazil, Malaysia, and other nations accounting for the rest.

KIOCL completed G4 level exploration work for four blocks and presented a report to NMET that included minerals including nickel, limestone, and dolomite. Furthermore, GoK has allocated ten blocks of Iron and Manganese ore for G2 and G3 level exploration work.

The company has finished the construction of a 5 MW solar power plant with a 1000 TPH barrel-type Blender Reclaimer. The installation of Vertical Pressure Filter units at the Pellet Plant is now underway and is expected to be finished this financial year. The company also chose to buy back shares, spending Rs. 188.94 crores (including taxes).

A dividend of Rs 1.64 paisa per equity share has been recommended by the Board of Directors, subject to shareholder approval at the Annual General Meeting. The total dividend for the financial year 2019 March 31, 2021 is Rs.99.67 crores, A dividend of Rs 1.64 paisa per equity share has been recommended by the Board of Directors, subject to shareholder approval at the Annual General Meeting. The total dividend for the financial year 2019 March 31, 2021 is Rs.99.67 crores, indicating a dividend distribution of 33.09 percent of PAT. a dividend distribution of 33.09 percent of PAT.

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