KIOCL’S pellet production in Q3 fell to 489,000mt, down by 17pc from a year ago, while despatches lowered by 19pc tp 522,000mt. In the nine-months (9M), the company’s production was 1.49mn mt and despatches 1.64mn mt. KIOCL’s revenues improved in Q3 amid positive seaborne iron ore market.
In Q3, revenues improved to Rs5,462.8mn, up by 14pc from a year ago. KIOCL posted a profit after tax (PAT) of Rs638.2mn against a loss of Rs36.6mn in the prior year quarter.
KIOCL’s financials improved as the seaborne iron market turned positive driven by good demand from Chinese steel mills, lower port stock and tight supply criteria, stated the company’s release quoting MV Subba Rao, CMD of KIOCL. He added demand for pellet exports amid increased steel production in China along with high coke price and sinter restriction supported revenues. Robust demand in the domestic market due to iron ore shortage and higher steel prices also improved financials.
For 9M, revenue was Rs.14,440mn against a target of Rs14,460mn, while PAT was Rs1,070mn.