KIOCL Posts Best Profit In Last 1-1/2 Decades at Rs 301.17 crore

-

KIOCL Ltd, a CPSU under the ministry of steel on May 27 approved the financial results for the fourth quarter and the financial year ended March 31, 2021.  KIOCL continued its march in ramping up the financial performance and reported the highest Turnover,  largely due to better sales realisation and strong growth in Q4. Accordingly, KICOL during FY 2020-21 earned total revenue of Rs 2477.83 crore as against Rs 2056.53 crores in the last fiscal, up by 20.49%.  

Profit before tax stood at 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 crore in FY20, up by 593%. Pellet Production achieved was 2.21 million tonnes as against 2.37MT of previous FY. The dispatches were 2.311MT as against 2.356MT in the previous FY. KIOCL exported 1.84MT pellets and domestic sales were 0.46MT, M V Subba Rao, chairman and managing director of KIOCL, said.  

KIOCL Ltd Plant
NET PROFIT IN Q4

For the quarter ended March 31, 2021, the company posted a net profit of Rs 194 crores after tax as against Rs 26.44 crores, revenue from operations was Rs 939.71 crore as against Rs 499.75 crore earned during the corresponding period of the previous FY. Subba Rao said that the company’s financial performance for FY’21 was strong due to high sales realization and the adoption of cost control measures, despite tough challenges caused by the worst-ever pandemic.

M V Subba Rao, CMD, KIOCL Ltd
Overall,  production activities continued uninterruptedly with the teamwork of its dedicated employees, guidance from the board and Ministry of Steel. 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 the pellet market to different international markets like Brazil, MENA countries and so on.  The share of the Chinese market out of KIOCLs export was 44%, MENA countries accounted for 41% and the balance was shared by countries such as Brazil and Malaysia. 

EXPLORATION WORKS

The Mineral Exploration works assigned by NMET, ministry of mines, GoI and department of mines and geology, Government of Karnataka 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 and dolomite. In addition, 10 blocks of iron and manganese ore allotted by the Karnataka Government for G2 and G3 level exploration works, are under progress. 

A Panoramic Aerial View Of KIOCL Ltd Facility At New Mangalore Port
The company has completed the project works of a 5MW solar power plant, 1000 TPH barrel type blender reclaimer. The Installation of vertical pressure filter units at the pellet plant is in progress and expected to be completed during the current financial year. During the financial year, the company also opted for buyback of Shares and spent an amount of   Rs 188.94 crores including tax. 

DIVIDEND 

The board of directors recommended a dividend of Rs 1.64 per equity share, subject to the approval of the shareholders at the annual general meeting. The total dividend for the financial year ended March 31, 2021, amounts to Rs 99.67 crores, thereby distributing dividend as 33.09 % of PAT.

Comments

Post a Comment

Popular posts from this blog

Dr Prabhu Set To Score A 'Perfect 10' As Dean Of KMC, Mangaluru

-
Image
He was the first-ever alumnus to become the Dean of Kasturba Medical College (KMC), Mangaluru on December 1, 2011. A little less than a decade to that date and come June 1, Dr  M Venkataraya Prabhu will set a record of sorts to excel all his predecessors – most of whom were his own teachers – to become the longest-serving Dean in the history of KMC, Mangaluru. In 2011, little did Dr Prabhu know that he would emulate his illustrious teachers. June 1 will Dr Prabhu exceed the previous record of late Prof KP Ganesan (9-1/2-years). In reaching here, Dr Prabhu has crossed the  6-year stint by Prof M V Chari,  7-years of Prof M P Pai, 7-1/2-years of Prof  B M Hegde, and 8-1/2 years of Prof GD Veliath, all of whom he reveres. Dr M Venkataraya Prabhu, Dean, KMC, Mangaluru Attributing the greatness and reputation that the college enjoys today to these illustrious teachers, Dr Prabhu also a ttributes his present stature to the founder of KMC Late Dr TMA Pai from whom he received a baptism by fir
Read more

MAHE student team wins MHRD's National Innovation Contest (NIC) 2020

-
Image
Dr Mahima Mishra and her team have bagged the prestigious National Innovation Contest (NIC) 2020 conducted by the ministry of education.  Dr Mahima Mishra from Manipal College of Dental Sciences (MCODS) and her team secured the finalist position and won the contest. After this phenomenal achievement, Dr Mahima is now the Innovation Ambassador and received recognition at the regional and national levels by MHRD’s Innovation Cell.  MHRD’s innovation cell on May 19 declared 127 teams as winners/finalists of the National Innovation Contest 2020. MHRD's NIC 2020 aims to provide a 360-degree cycle of learning and helps the student to understand the process of innovation in a start-up and helps to identify real-time problem along with ideation to building a business model and finally entering the phase of enterprise development in a time of one year.  Dr Mahima Mishra This contest was announced in July 2020 and 9000+ participants from 900+ IIC Institutes in India participated in the event
Read more

Skymet Predicts Onset Date Of Southwest Monsoon 2021

-
Image
Skymet, India’s leading weather forecasting and agriculture risk solutions company has released its monsoon forecast for 2021. Skymet expects the upcoming monsoon to be ‘healthy normal’ to the tune of 103% (with an error margin of +/- 5%) of the long period average (LPA) of 880.6mm for the 4-month period from June to September. This would make it 3rd consecutive year of normal or above-normal monsoon. Now, Skymet has released its monsoon onset date for 2021. Skymet expects the onset to be around the normal date. Based on the data from 1961-2019, the normal date of onset over the Indian mainland is june 1 with a standard deviation of one week.  The onset of Southwest Monsoon over Kerala is largely influenced by the oceanic conditions, both in the Arabian Sea and Bay of Bengal. Likely cyclone formation in the Arabian Sea will be consequential for the advance of monsoon stream over Indian waters.  However, tropical storm 'Tauktae' will vacate the Indian region by May 22 Following
Read more