Bengaluru: Government-owned KIOCL Ltd (earlier known as Kudremukh Iron Ore Company Ltd) on Thursday reported a profit before tax of Rs 23.09 crore during the first fiscal quarter against a loss of Rs 3.47 crore during the corresponding period of previous financial year.
The profit after tax totalled Rs 16.64 crore in Q1 FY20 compared to a loss of Rs 3.63 crore in Q1 FY19. Revenue from operations was Rs 698 crore against Rs 393 crore, marking an increase of 52 per cent in the year-on period.
“Due to supportive pricing environment, efficiency in production, swift decision making in exploiting market opportunity and implementing the concept of Make in India, KIOCL has achieved a top-line growth from operations as compared to the first quarter of 2018-19,” said Chairman and Managing Director M V Subba Rao.
Statutory clearances for obtaining captive mines as well as for diversified projects at an advanced stage, he said. “The company has initiated negotiation with international miners for importing raw material to take advantage of the prevailing market opportunities arising out of a sharp increase in pellets demands worldwide,” said Rao in a statement.
KOICL reported pellet production of 6.1 lakh tonnes against the target of 4.9 lakh tonnes in Q1 this year, marking an increase of 38 per cent as compared to the same quarter of previous year. About 5.4 lakh tonnes were exported and 1.6 lakh tonnes were sold in the domestic market.