State-owned pellet maker – KIOCL (Kudremukh Iron Ore Company Ltd) recorded enhanced pellet production for H1 FY 20. The production recorded at 1.115 MnT, up sharply by 21% Y-o-Y as compared to 0.92 MnT in H1 FY19.
KIOCL total sales for the first half of FY 20 depicted 13% rise to 1.11 MnT as against to 0.99 MnT in first half of FY19.
Total Revenue earned was reported at INR 1012.71 Cras against INR 875.42 Crores in the FY 2018-19, a registered growth of 15.68%.
MV Subba Rao, CMD, KIOCL Ltd. stated that “the increase in revenue from operations was due to the pellet supplies to Middle East countries, a new market that has helped to increase the sales volume and turnover. He also stated that the company is exploring for new market and also carrying out Mineral Exploration activities in the State of Karnataka.”
The Company is continuing to procure iron ore from different sources to reduce input raw material cost. Getting Statutory clearances for the proposed CAPEX viz; Setting up Forward & Backward Projects at BFU, Mangaluru, Development of Devadari Iron Ore Mines, setting up of 5 MW Solar Power Plant are under process, he added.
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