Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s Kudremukh Iron Ore or KIOCL’s pellet production dropped to 2.21mn mt in FY2021, down by 4pc from 2.21mn mt in the prior year. Production dropped due to severe rains, poor visibility at the sourcing point of iron ore fines. Sales declined to 2.31mn mt, down by 2pc from the prior year. Pellet exports reached 1.84mn mt whereas domestic sales settled at 460,000mt.  


KIOCL produced 180,000mt pellets in April, up 122pc from a low base last year, while sales increased to 160,000mt up by 45pc from the prior year.


In Q4, income from operations rose by 88pc to Rs 9,397mn, up from Rs 4,997.5mn reported in the prior year. While profits rose to Rs1,940.1mn, up by 633.77pc from Q4 2020.


For the full year, revenues earned rose to Rs24778.3mn, up by 20.49pc from a year ago due to higher sales prices and cost efficiencies, stated the company’s earnings release. Profit after tax increased to Rs3011.7mn, up by 593pc from Rs434.8mn in FY2020.


KIOCL is focused on expanding its pellet market in Brazil, Middle East and North Africa (MENA) countries. In FY2021, exports to China attributed to 44pc of the company’s total exports, followed by 41pc to MENA countries and the rest to Brazil, Malaysia and others. 

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