KIOCL announces production performance for FY 2020

KIOCL said the company produced 2.375 million tons of pellets in FY 2020 as against 2.238 million tons of previous FY.

The announcement was made after market hours yesterday, 1 April 2020.

The company dispatched 2.356 million tons as against 2.206 million tons of previous FY.

Export market has helped to improve performance of the company.

The company processed different types of ores received from different locations including Iron ore slime to make charge mix economically viable.

Chairman and Managing Director of the company CMD, Shri MV Subba Rao stated that this performance is appreciable as a merchant pellet producer in the absence of captive raw material source after incurring huge logistic cost in moving the Iron Ore from East coast to its Pellet plant at Mangaluru at the west coast of India.

The company is totally depending on 100% coastal movement for all inward and outward materials.

Further, the company contributed Rs 10.1 crore to PM CARES fund which is in addition to one day salary of the employees.

The company also paid Rs 15 lakh to Karnataka CM relief fund.

KIOCL has already started distributing Face masks, sanitizers, hand gloves, free food etc to the needy people at Bengaluru and Mangaluru.

Shares of KIOCL closed 2.02% lower at Rs 58.20 yesterday, 1 April 2020.

KIOCL, a CPSU and a pioneer in Iron Ore Mining, Beneficiation & Pelletization Technology, engaged in the business of manufacture and sale of highquality Iron Oxide Pellets in domestic and export markets.

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