The KIOCL Ltd., has reported a net profit of ₹12.02 crore for the first quarter ending June 30.
KIOCL’s Board of Directors approved the financial results of Q1 in the meeting that was held through video conferencing, said a release here.
The company has reported pellet production of 5.11 lakh tonnes against the quarterly target of 4.9 lakh tonnes, an increase in production by 104.30%. In the dispatch of pellets, the company has achieved 5.68 lakh tonnes surpassing the quarterly targets of 4.5 lakh tonnes. During the quarter 5.21 lakh tonnes of pellets were exported and 0.47 lakh tonnes were sold in the domestic market. There was an increase in sales volume by 126 % against the quarterly target of 4.5 lakh tonnes.
While the company reported revenue from operations at ₹436.71 crore, it reported ₹18.97 crore as profit before tax.
KIOCL Chairman and Managing Director M.V. Subba Rao said in spite of prolonged lockdown that was imposed in the country during the quarter April-June 2020 due to COVID-19 pandemic, the company could overcome the hindrances by reorganising the requirements to cope with the situation. The pellet plant operations and mineral exploration activities continued in full form while maintaining strict preventive measures against COVID-19.
