Q3 FY21: KIOCL misses revenue target by Rs 2 cr, posts PAT of Rs 64 cr

The total cumulative revenue of KIOCL for Q3 of FY21 is Rs 1,444 crore against the target of Rs 1,446 crore
Q3 FY21: KIOCL misses revenue target by Rs 2 cr, posts PAT of Rs 64 cr

New Delhi: KIOCL Limited, a PSU under the Ministry of Steel, has declared financial results for the third quarter (Q3) of the current financial year (FY 2020-21) in its board meeting held on February 9 at Bengaluru through video-conferencing. The board of directors of the company have approved unaudited financial results for the 3rd quarter and nine months ended December 31, 2020.

The highlights of the 3rd quarter along with the cumulative performance of FY 2020-21:

During the third quarter, KIOCL has recorded pellet production of 0.489 Million Tons (MT) and despatched 0.522 MT. The cumulative pellet production and despatch are 1.49 MT and 1.64 MT respectively.

The total cumulative revenue of KIOCL is Rs 1,444 crore against the target of Rs 1,446 crore. Profit before tax (PBT) of Rs 86 crore for Q3, 147 crore cumulative and Profit after Tax (PAT) of Rs 64 crore for Q3, Rs 107 crore cumulative.

Commenting on this KIOCL's Chairman & Managing Director (CMD) MV Subba Rao stated that during December 2020 the seaborne iron market depicted positively due to good demand from Chinese steel mills, lower port stock and tight supply criteria.

Further, he added that strong pellet demand in the overseas market due to higher steel production in China coupled with sinter restriction and high coke price, robust domestic demand due to shortage of Iron ore, and higher steel prices resulted in encouraging financial performance of the company.

Disclaimer: This story is a press release and is being published without any editing by PSU Watch desk. Our editorial team has only changed the headline.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)

logo
PSU Watch
psuwatch.com