KIOCL Ltd Achieves Stellar Performance In Q1

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KIOCL Limited, a CPSU under the ministry of steel reported a 139% increase in revenue from operations at ₹1042.05 crores and profit before tax (PBT) of ₹295.22 crores and profit after tax (PAT) of ₹215.92 crores for the first quarter of FY 2021-22. The board of directors of the company approved the un-audited financial results for the first quarter ended on June 30 in its meeting held through video conference.          

The company reported 18% higher pellet production at 6.03Lakh tonnes compared to 5.11 lakh tonnes in the first quarter of the previous year. The total revenue earned is ₹1059.50 crores as against ₹460.58 crores, up by 130%. The profit before tax is ₹295.22 crores as against ₹18.97 crores, up by 1456 %. The profit after tax at ₹215.92 crores is up by 1696% as against ₹12.02 crores. The company achieved pellet production of 6.03 lakh tonnes as against 5.11 lakh tonnes in the previous FY, up by18%

Swapan Kumar Gorai, CMD, KIOCL Ltd
The company dispatched 6.31 lakh tonnes of pellet as against 5.68 lakh tonnes in the previous FY, up by 11%. The total dispatch of  6.31 lakh tonnes of pellets was in the export market. Swapan Kumar Gorai, CMD cum director (finance), KIOCL Ltd said that despite prolonged lockdown due to the second wave of COVID-19 during the quarter of April–June 2021, KIOCL Ltd was able to maintain its normal operation by reorganizing its resources effectively in achieving consistent growth. 

The pellet plant operations and mineral exploration activities continued at their optimum level after enforcing strict preventive measures against the Covid-19 pandemic. He also stated that the high profitability was due to sustained high price realization of its pellet in the export market.

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