KIOCL has bounced back in production and dispatches. The production has remarkably zoomed to 150% in its third quarter target in FY 2016-17 besides achieving the MoU target. This performance increase in the third quarter has been much better than the first two quarters of current financial year and its corresponding period in last year.
Shri Malay Chatterjee, CMD stated that “up to end of the quarter, the Company has achieved 74% of its target on cumulative basis”.
The Company had dispatched record 6 shipments of Pellets which is the highest in the number of shipments during the month after a gap of 5 years, in spite of lack of iron ore security as the Company incurs huge logistic cost in moving the ore from NMDC mine in Chhattisgarh.
The Company proposed to clock 1 MnT of pellet production at the end of Jan’17 with export of 0.79 MnT, which accounts for approximately 20% of export during the year, KIOCL being a merchant Pellet plant.
Shri Chatterjee indicated that “the Company which had produced only 0.1 MnT during the FY 2015-16 against a depressed international market, reaching of 1 MnT in production and dispatch is a remarkable bounce back, in spite of embargo’s in pellet production and trade”.
He also mentioned that “the Board of Directors of KIOCL limited recently on acceptance of 3rd quarter result, has recommended an interim dividend of INR. 6.97 Crores for payment, which is a welcome sign for the Company for the financial year 2016-17”.
The pellet maker has increased its iron ore sourcing sharply from NMDC (C.G.) in the present fiscal.
KIOCL’s pellet exports increased sharply in Q3 FY17 – According to customs data maintained with SteelMint, KIOCL exported 0.45 MnT pellets, chiefly to China in Q3 FY17 compared to 0.07 MnT in previous quarter.
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