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

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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.

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