KIOCL Reports Recovery in Q3 on Strong Pellet Demand from China

KIOCL Ltd has recorded Profit before tax for Q3 at INR 86 crore and profit after tax of INR 63.82 crore during the third quarter of 2020-21 as against a loss of
KIOCL Reports Recovery in Q3 on Strong Pellet Demand from China
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KIOCL Ltd has recorded Profit before tax for Q3 at INR 86 crore and profit after tax of INR 63.82 crore during the third quarter of 2020-21 as against a loss of INR 3.66 crore in the corresponding period of the previous fiscal. The income from operations stood at INR 546.28 crore during Q3 of 2020-21 as against INR 478.24 crore in Q3 of 2019-20. During the third quarter of 2020-21, pellet production and despatches stood at 0.489 million tonnes and 0.522 million tonnes respectively. KIOCL Ltd Chairman & Managing Director Mr MV Subba Rao said that “The sea borne iron market depicted positively during December 2020 due to good demand from Chinese steel mills and lower port stock. Strong demand for iron ore pellet in overseas market due to higher steel production in China, robust domestic demand due to shortage of iron ore, and higher steel prices resulted in encouraging financial performance of the company.”

Cumulative pellet production for the first 9 months was 1.49 million tonnes and dispatch stood at 1.64 million tonnes. Total cumulative revenue is INR 1444 crore against the target of INR 1446 crore.

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