Media Release

Mangaluru, May 25: The Board of KIOCL Ltd, a CPSU under ministry of Steel, approved the financial results for the fourth quarter and for the financial year 2018-19 on May 21 at New Delhi.

During the year, the company reported total revenue of Rs 2012.68 crore with profit before tax of Rs 184.12 crore, up by 13% and 114% respectively.

The key highlights of performance for the financial year 2018-29 are summarised as under:

• Pellet production 2.24 million ton and dispatch 2.21 million ton, surpasses MoU excellent target
• Turnover from operations Rs 1887.71 crore, shot up by 15%, highest since inception of the company
• Profit before tax Rs 184.12 crore, shoot up by 114%
• Profit after tax Rs 111.86 crore, up by 37%
• Export of pellet 1.52 million ton, highest since closure of captive mine (end of 2005) at Kudremukh

M V Subba Rao, CMD, KIOCL informed that the pellet plant continued to perform well due to initiatives like improved production of pellet with internationally acclaimed physical and chemical specifications, high sales volume along with better capacity utilization, entering into new international markets (such as Japan, South Korea, Vietnam, Malaysia, Chile, UK etc), 100% utilization of coastal sea route for incoming and outgoing movements, excellent treasury management and implementation of stringent austerity measures etc, thereby reducing input cost and increasing the realisation.

Operational performance

He also informed that in financial year 18-19, KIOCL produced 2.24 million ton and dispatched 2.21 million tons of pellets out of which 1.52 million tons of pellets were exported during the year. This is the highest quantity of pellets exported since the closure of its captive mines. KIOCL has also entered into high grade new pellet market where premium is high and is used for making quality steel.

Further, operational and maintenance portal, exploration works of different minerals helped to improve the turnover and profitability and developed global markets in addition to Chinese and domestic Indian market.

Dividend

The board of directors has recommended a dividend of Rs 1.33 per equity share, subject to the approval of the shareholders at the annual general meeting. The total dividend for the financial year ended March 31, amounts to Rs 82.70 crore and will absorb Rs 99.70 crore, including dividend distribution tax of Rs 17.0 crore, thereby distributing dividend as 89% of PAT.