KIOCL declares 1st quarter financial results for FY 2020-21

The Board of Directors, KIOCL Limited, have approved the Financial Results for the first quarter ended on 30th June 2020 in the meeting that was held on 10.08.2020 through Video Conference at Bengaluru.

The Company has reported Pellet Production of 5.11 Lakh Tons against the quarterly target of 4.90 Lakh Tons, an increase in production by 104.30%.

On the dispatch of pellets, the Company has achieved 5.68 Lakh Tons surpassing the quarterly targets of 4.5 Lakh. During the quarter 5.21 Lakh Tons were exported and 0.47 Lakh tons were sold in the domestic market. There is an increase in sales volume by 126% against the quarterly target of 4.5 Lakh Tons.

While the Company reported Revenue from Operations of Rs 436.71 crores and reported a Profit Before Tax (PBT) of Rs. 18.97 crores & Profit After Tax (PAT) of Rs. 12.02 crores for the 1st quarter of FY 2020-21.

Shri MV Subba Rao, CMD, KIOCL stated that in-spite of prolonged lockdown that was imposed in the country during the quarter Apr - June 2020 due to COVID-19 pandemic, Company could overcome the hindrances by reorganizing the requirements to cope-up with the situation and effectively encountered the temporary setback and thereby sustainable growth of the Company remained consistent. The Pellet Plant Operations, Mineral Exploration Activities continued in its full form while maintaining strict preventive measures against COVID-19.

He also informed that statutory clearances for obtaining captive mines as well as for diversified Projects are under advanced stage.

Shares of KIOCL Ltd was last trading in BSE at Rs.115.5 as compared to the previous close of Rs. 121.85. The total number of shares traded during the day was 10483 in over 263 trades.

The stock hit an intraday high of Rs. 124 and intraday low of 114.25. The net turnover during the day was Rs. 1241281.

Source : Equity Bulls

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