KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd) recorded a profit after tax of ₹215.92 crore during the first quarter of FY 2021-22 against a profit of ₹12.02 crore in the corresponding period of FY 2020-21.

Swapan Kumar Gorai, Chairman and Managing Director (additional charge), and Director (Finance), said in a press release on Friday that despite prolonged lockdown due to the second wave of Covid during the April-June quarter, the company was able to maintain its normal operations by reorganizing its resources effectively in to achieve consistent growth.

High profitability

The high profitability was due to sustained high price realization of its pellet in export market, he added. The operations of the pellet plant at Managaluru and mineral exploration activities continued at their optimum level after enforcing strict preventive measures against the pandemic.

Pellet production went up to 6.03 lakh tonnes during Q1 FY22 against 5.11 lakh tonnes in Q1 FY21, a growth of 18 per cent while dispatches from the plant increased to 6.31 lakh tonnes from 5.68 lakh tonnes.The total dispatch of 6.31 lakh tonnes of pellets were in export market.

Total revenue of the company increased to ₹1059.50 crore in the first quarter of 2021-22 against ₹460.58 crore in the corresponding period of 2020-21.