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The 46th AGM of KIOCL Ltd., performed exceptionally well

Sep 17th, 2022 8:33 pm | By | Category: SPECIAL NEWS COVERAGE

The 46th AGM of KIOCL Ltd., a state owned PSU under Ministry of Steel was held on 17.09.2022 at its Registered Office at Bangalore. Addressing the shareholders, CMD, KIOCL T Saminathan highlighted fiscal year 2021-22 and expressed that company performed exceptionally well despite uncertainty in international market for Iron Ore Pellets since outbreak of COVID-19 Pandemic as well as an intense competitive market.

Key performance highlights for the Financial Year 2021- 22 :

• Produced 2.03 million tons and dispatched 2.072 million tons of Pellet
• Export sales of 2.032 million tons, highest post closure of captive mine.
• Dispatch of 3,79,150 Metric Tons, during March 22, highest post closure of captive mine.
• Earned revenue from operations of 3006.45 crs. highest since inception.
• Earned total Income of 3080.74 CTS, highest since inception.
• Earned a PBT of 411.03 & PAT of 313.41 as highest post captive mine closure.
• Earned a Net Foreign Exchange of 2809.50 crs: highest post captive mine closure.
• Paid Interim Dividend of Rs 59.56 Crores for the FY 2021-22 and proposed a final dividend of Rs 48.01Crores.

Further stated that the Govt. of India vide customs notice dated 21.05.2022 imposed 45% Export Duty on Export of Pellets, w.e.f., 22.05.2022. India’s Pellet export market has turned silent after the announcement of steep export duty that was a blow to the Company resulting in intermittent operations of Pellet Plant and adverse impact on its performance. The Company has taken up the matter with the Ministry for exemption of export duty for KIOCL being an Export Oriented Unit(EOU).

For a sustainable future, Company is continuously working on various long term / short term expansion / diversifications projects, which are at different stages of implementation. Company incurred a CAPEX of 290.45 Crores, highest post closure of captive mine during the Financial Year 2021-22 and for the current FY 2022-23 has earmarked an ambitious target of 384.63 Crores. Efforts are being made to expedite the statutory clearances to develop the Devadari Iron Ore Mine. KIOCL has entered into regime of carrying out Mineral Exploration for Base Metals by securing 2 projects and Industrial Mineral under NMET during FY 2021-22. Company received the Sanction Orders for carrying out G4 level of ME works of base metal projects in Davangere & Bellary with Project cost of 3.06 crs, which are under execution.

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