Indian miner KIOCL’s pellet production increased to 603,000mt in Q1 FY2022, up by 18pc from the prior year. Dispatches also rose by 11pc to 631,000mt in the same period, stated the company’s operational update. The company exported 631,000mt pellets in Q1.
Revenues increased to Rs10.421bn ($140.32mn) in Q1, up by 130pc from the prior year. Profit after tax surged by 1,696pc to Rs2.16bn ($29.07mn). The company’s profits improved mainly due to sustained high price realisation in the export market.
Swapan Kumar Gorai, CMD & Director (Finance) KIOCL said that the company was able to maintain its normal operation by reorganizing its resources effectively in achieving constant growth despite lockdown implemented in the second wave of COVID-19. The pellet unit operations and mineral exploration activities continued at optimum level adhering to strict preventive measures.
($1=Rs74.26)