KIOCL posts ₹215.92 crore net profit in Quarter I

KIOCL Limited, a Union government undertaking, has posted a profit, after tax, of ₹215.92 crore during the first quarter of 2021-22 against a profit of ₹12.02 crore in the corresponding period of 2020-21.

Notwithstanding prolonged lockdown due to the second wave of COVID-19 during the April-June quarter, the company was able to maintain its normal operations by reorganising its resources effectively to achieve consistent growth, Chairman and Managing Director (additional charge) Swapan Kumar Gorai has said in a press release.

The high profitability was due to sustained high price realisation of its pellet in the export market. The operations of the pellet plant in Mangaluru and mineral exploration activities continued at their optimum level despite the enforcement of strict preventive measures against the pandemic, Mr. Gorai, who is also Director (Finance) of the company, said.

Pellet production went up to 6.03 lakh tonnes during the quarter (2021-22) against 5.11 lakh tonnes during the corresponding quarter of 2020-21, a growth of 18%, while dispatches from the plant increased to 6.31 lakh tonnes from 5.68 lakh tonnes. A total dispatch of 6.31 lakh tonnes of pellets was in the export market.

The total revenue of the company increased to ₹1059.50 crore in the first quarter of 2021-22 against ₹460.58 crore in the corresponding period of 2020-21, up by 130%, he said.

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