KIOCL reports all time high performance in FY’2020

New Delhi: The board of KIOCL Limited, a PSU under the Ministry of Steel, has approved the financial results for the Q4 and for FY'20 on June 25. "Despite various challenges, KIOCL continued its march ramping up production and despatches in the FY'2020 reporting the ever-highest production, sales volume & turnover after closer of its captive mines" the steel PSU said in a regulatory filing. 

Key highlights of the KIOCL financial result

• Pellet production 2.375 million tons as against 2.238 million tons of previous FY (up by 6% YoY)
• Dispatches 2.356 million tons as against 2.206 million tons of previous FY (up by 7% YoY)
• Total revenue Rs 2056.53 crores, as against Rs 2012.68 crores of previous FY (shot up by 2% YoY)

(Production and despatches are high since 2006 and the turnover is high since the inception of the company)

• Profit before tax Rs 63.68 crores, profit after tax Rs. 43.48 crores
• Export of pellet 1.99 million tons, highest since the closure of captive mine (end of 2005) at Kudremukh. 

KIOCL's Chairman & Managing Director (CMD) MV Subba Rao said that the company's financial results for FY'2020 were better not only on the sales volume but also on the insights taken by the company that made it stronger for the uncertainty and difficult times due to Coronavirus (COVID-19) pandemic that wrapped the world during the last part of the fourth quarter and enduring in FY'2021.

Total exports of the company stood at 84 percent, shot up by 31 percent YoY (year-over-year) basis, penetrating into Brazil, Middle East, China European markets, thereby facilitated in improving the overall performance of the company all through 100 percent utilization of coastal sea route.

KIOCL's new business & projects 

KIOCL has entered into the exploration of different types of minerals and received orders worth of Rs 105 crores from the government of India and sate government of Karnataka which are under different stages of execution. The company has been successful in obtaining statutory clearances from the government for its envisaged projects viz., setting up of 2.0 LTPA capacity Ductile Iron Spun Pipe Plant, 1.89 LTPA capacity Coke Oven Plant with 10 MW Co-gen Power Plant, Pulverized Coal Injection system and Modernisation of Blast Furnace Unit.

"KIOCL's financial results for FY'2020 were better not only on the sales volume but also on the insights taken by the company that made it stronger for the uncertainty and difficult times due to Coronavirus (COVID-19) pandemic that wrapped the world during the last part of the fourth quarter and enduring in FY'2021"-  MV Subba Rao, CMD

Company is in the process of identifying Turnkey Contractors for various packages by fulfilling the guidelines laid down by the government under Atma Nirbhar Bharat Abhiyan. Further, the company is actively pursuing for obtaining statutory clearances for its notified mines in the state of Karnataka.

Dividend

KIOCL board has recommended a dividend of Rs 0.70 per equity share, subject to the approval of the shareholders at the annual general meeting (AGM). The final dividend for the financial year ended March 31, amounts to Rs 43.54 crores, thereby distributing dividend as 100 percent of PAT (profit after tax).

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