KIOCL Iron Ore Pellet production up 59% in FY18

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Mangalore : Leading public sector Iron Ore Pellet producer KIOCL has produced 2.33 Million Tonne in 2017-18, a growth of 59% over the previous fiscal. It has dispatched 2.30 million tons of pellets out of which 1.46 million tons of pellets were exported during the year.

“This is the highest quantity of pellets produced and dispatched since the closure of its captive mines. The increase in sales could be achieved as a result of innovative marketing initiatives introduced by KIOCL” N. Vidyananda, Director (P&P) said.

KIOCL also made use of its expertise of handling different types of ores to produce pellets and its locational advantage entered into back to back contracts to the tune of about 0.6 million tons. This also helped KIOCL to expand its exports to Iran, Japan, South Korea and Oman in addition to its regular domestic and international markets.

Financial Performance :

KIOCL recorded revenue from operations for the FY 2017-18 at Rs. 1605.41 crores, up by 73% YoY. Operating EBITDA for the year grew by 90% YoY to Rs. 105.24 crores. The Company posted profit before tax of Rs. 86.09 crores for the year witnessing a growth of 175 % YoY. The profit after Tax has increased by 70% YoY to Rs.81.48 Crore.

The Board of Directors have recommended a final dividend of Rs 1.06 per equity share, subject to the approval of the shareholders at the Annual General Meeting. Together with an interim dividend of Re.0.27 per equity share, the total dividend for the financial year ended 31st March, 2018 amounts to Rs 67.26 Crores and will absorb Rs. 80.95 crores, including Dividend Distribution Tax of Rs.13.69 crores, thereby distributing 100% of PAT.

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