KIOCL Q1 FY22 Result: PAT zooms by 1,696% to 215.92 crore

New Delhi: Miniratna Steel PSU, KIOCL Limited has announced its financial results for the 1^st quarter of the current financial year (Q1 FY22). The Board of Directors of KIOCL has approved the un-audited financial results in its meeting, held on August 5 through video conference.

KIOCL in Q1 FY22 has reported a 139 percent increase in revenue from operations at Rs 1,042.05 crores and a profit before tax (PBT) of Rs 295.22 crores and profit after tax (PAT) of Rs 215.92 crores.

KIOCL has also reported, 18 percent higher pellet production at 6.03 lakh tons, compared to 5.11 Lakh tons in the 1st quarter of the previous year (Q1 FY21).

Highlights of the performance (Stellar)

• Total Revenue earned is Rs 1,059.50 crores as against Rs 460.58 crores, up by 130 percent
• Profit before tax Rs 295.22 crores as against Rs 18.97 crores, up by 1,456 percent
• Profit after tax Rs 215.92 crores against Rs 12.02 crores, up by 1,696 percent
• Pellet production achieved 6.03 lakh tons as against 5.11 lakh tons of the previous FY, up by 18 percent
• Dispatches 6.31 lakh tons as against 5.68 lakh tons of previous FY, up by 11 percent
• The total dispatch of 6.31 Lakh tons of pellets was in the export market

Speaking on this, KIOCL CMD Swapan Kumar Gorai stated that despite prolonged lockdown due to the second wave of COVID-19 during the quarter of April to June 2021, the company was able to maintain its normal operation by reorganising its resources effectively in achieving consistent growth. The pellet Plant operations and mineral exploration activities continued at their optimum level after enforcing strict preventive measures against the COVID-19 pandemic.

He also stated that the high profitability was due to sustained high price realisation of its pellet in the export market.

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