Thursday, October 6, 2022

At AGM, CMD says KIOCL to spend Rs 3,500 cr in 2-3 years

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New Delhi: At its 43rd annual general meeting (AGM), KIOCL CMD MV Subba Rao informed shareholders that they were working extensively for a large size capital investment to the tune of Rs 3,500 crores in core as well as new business sector during the next 2-3 years.

At the meeting, the company declared a dividend final of Re 1.33/ per equity share (ie 13.33 percent) on face value of Rs 10 each. The total dividend for the financial year ended March 31 amounts to Rs 99.7 crores together with Dividend Distribution Tax, KIOCL said in an official release.

Addressing the shareholders, Rao highlighted the performance of fiscal year 2018-19. He said that the company has reported total revenue of Rs 2,012.68 crores, with profit before tax of Rs 184.12 crores, registering an improvement of 13 percent and 114 percent, respectively.

Operational Performance

The CMD informed the shareholders that in FY 18-19, KIOCL produced 2.24 Million Tonne (MT) and dispatched 2.21 MT of pellets, out of which 1.52 MT of pellets were exported during the year. This is the highest quantity of pellets exported since the closure of its captive mines. KIOCL has also entered into high-grade new pellet market where the premium is high.

Financial Performance

KIOCL recorded total revenue of Rs 2,012.68 crores, up by 13 percent in FY2018-19. Operating EBITDA for the year stood at Rs 79.22 crores against the previous year’s operating loss of Rs 42.
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02 crores. The company posted a profit before tax of Rs 184.12 crores for the year, witnessing a growth of 114 percent y-o-y.

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