Tuesday, October 4, 2022

KIOCL earned total Income of 3080.74 cr, highest since inception: CMD

KIOCL CMD T Saminathan said that the company performed exceptionally well despite uncertainty in the international market for Iron Ore Pellets since the outbreak of COVID-19

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New Delhi: State-owned PSU under the Ministry of Steel KIOCL held its 46th AGM on Saturday at its Registered Office in Bangalore. Addressing the shareholders, CMD, KIOCL T Saminathan highlighted the fiscal year 2021-22 and expressed that the company performed exceptionally well despite uncertainty in the international market for Iron Ore Pellets since the outbreak of the COVID-19 Pandemic as well as an intensely competitive market.

Highlighting the key performances of the company Saminathan said that the company produced 2.03 million tons and dispatched 2.072 million tons of pellets and registered export sales of 2.032 million tons which is the highest post closure of the captive mine. He said KIPCL dispatch of 3,79,150 Metric Tons during March 22 is the highest post closure of the captive mine and earned revenue from operations of 3006.45 cr which is the highest since the inception of the company. KIOCL earned a total Income of 3080.74 Crs which is the highest since its inception. Also, the company earned a Net Foreign Exchange of 2809.50 crs which is the highest post captive mine closure.

CMD said that KIOCL has paid an interim dividend of Rs 59.56 Crores for the FY 2021-22 and proposed a final dividend of Rs 48.01Crores.

He further stated that the Govt. of India vide customs notice dated 21.05.2022 imposed 45% Export Duty on Export of Pellets, w.e.f., 22.05.2022. India’s Pellet export market has turned silent after the announcement of steep export duty that was a blow to the Company resulting in intermittent operations of the Pellet Plant and an adverse impact on its performance. The Company has taken up the matter with the Ministry for exemption of export duty for KIOCL being an Export Oriented Unit(EOU).

“For a sustainable future, KIOCL is continuously working on various long-term / short-term expansion/diversification projects, which are at different stages of implementation. The company incurred a CAPEX of 290.45 Crores, highest post closure of captive mine during the Financial Year 2021-22 and for the current FY 2022-23 has earmarked an ambitious target of 384.63 Crores”, CMD added.

He also said that “efforts are being made to expedite the statutory clearances to develop the Devadari Iron Ore Mine. KIOCL has entered into the regime of carrying out Mineral Exploration for Base Metals by securing 2 projects and Industrial Mineral under NMET during FY 2021-22”.

KIOCL received the Sanction Orders for carrying out G4 level of ME works of base metal projects in Davangere & Bellary with a Project cost of 3.06 crs, which are under execution.

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