New Delhi: KIOCL Limited, a NSE, BSE and MSEI listed CPSU under the Ministry of Steel, declared its Q2 financial results for the year 2019-20. In its board meeting held on November 14 in New Delhi, the board of directors of the company approved its first half-yearly financial results for the Financial Year 2019-20.
The highlights of First half-yearly performance of FY 2019-20 are as under:
While speaking KIOCL's CMD MV Subba Rao stated that the increase in revenue from operations was due to the pellet supplies to middle east countries, a new market that has helped to increase the sales volume and turnover.
He also specified that due to the severe drop in global steel as well as pellet prices, the company's profitability has been affected. The company is continuing to procure iron ore from different sources to reduce input raw material cost.
Further, the company is continuously exploring new markets for the sale of pellets as well as raw material sources for cost-effectiveness. The company is actively carrying out mineral exploration activities in the state of Karnataka with funding from NMET (National Mineral Exploration Trust) and also from the government of Karnataka. Getting statutory clearances for the proposed CAPEX viz; setting up forward and backward projects at BFU, Mangaluru, development of Devadari Iron Ore Mines, setting up of 5 MW solar power plants are under process.
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