KIOCL Ltd, formerly known as Kudremukh Iron Ore Company Ltd registered a 669.53 percent growth in profit after tax (PAT), an amount of ₹31.32 crores against a profit of ₹4.07 crore in the corresponding year-ago period.
Chairman and Managing Director of KIOCL, Subba Rao, attributed the surge in revenue to the increase in pellet prices in the Q2 of the financial year 2020-21. The total recorded revenue increased to ₹486.44 crores during Q1 of this year against a recorded revenue of ₹386.04 crore in the year-ago period. During the first quarter, the company had recorded a PAT of ₹12.02 crores and revenue of ₹460.58 crores.
A press release by the company stated ”The company scored well during the first half of 2020-21 in the midst of COVID-19 pandemic and incessant rains that caused disruptions in iron ore supplies from Chhattisgarh. The company has also undertaken stringent austerity measures to improve profitability for its long-term sustenance.”
The PAT of the company surged to ₹43.34 crores in the first half of the fiscal year-2020-21, compared to ₹20.71 crores during the year-ago period. Revenue from operations stood at ₹897.63 crores during H1 of 2020-21, against an amount of ₹959.66 crores in the corresponding year-ago period.
The press release added that the iron ore pellet production at the company was at 1.007 million tonnes while the despatches were at 1.121 million tonnes during the first half of 2020-21, compared to 1.115 million tonnes of production and 1.111 million tonnes of despatches during the corresponding year-ago period.
