PSU pellet maker KIOCL, earlier known as Kudremukh Iron Ore Company, reported quadrupling of net profit in January-March quarter to Rs 96.28 crore on higher sales.
The Bangalore-based firm had clocked Rs 24.16 crore net profit during the same quarter previous fiscal, it said in a statement.
Sales grew by 137.37 per cent to Rs 340.82 crore in the quarter ended March 2014 as against Rs 143.58 crore during the previous quarter ended March 2013.
KIOCL does not have any iron ore mine to produce pellets.
Company chairman and managing director Malay Chatterjee has urged Karnataka government to come forward in helping the company by allotting a mine expeditiously. This, according to him, will make the company sustainable and also create more employment avenues for the state.
"Efforts are being made to tap new markets. A high level delegation visited Iran to open up business opportunities of direct trading of pellets in rupee mechanism. If everything materialises, KIOCL will be shortly dispatching pellets to two Iranian companies," he said.
For the full year 2013-14, KIOCL's net profit grew to Rs 39.93 crore against Rs 31.05 crore a year ago. Sales rose to Rs 1,272.35 crore against Rs 976.29 crore.
