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KIOCL Reports Q2 Result

Steel News - Published on Fri, 15 Nov 2019

Image Source: wikipedia.org
KIOCL Ltd recorded a profit after tax of INR 4.07 crore in the second quarter of 2019-20 as against a profit of INR 49.52 crore in the corresponding period of previous fiscal. The total revenue of the company stood at INR 386.04 crore (INR 450.02 crore) during Q2. Of this, the revenue from operations was at INR 361.22 crore (INR 425.42 crore) during the period. The company recorded a profit after tax of INR 20.71 crore in the first six months of 2019-20 as against INR 45.89 crore in the corresponding period of 2018-19. The total revenue of the company increased to INR 1012.71 crore (INR 875.42 crore) in the H1 of 2019-20. Of this, revenue from operations was at INR 959.66 crores (INR 818.60 crore) during the period.

Mr MV Subba Rao CMD of KIOCL Ltd said here that “The company’s profitability has been affected due to severe drop in global steel as well as pellet prices. The company is continuing to procure iron ore from different sources to reduce input raw material cost, he said, adding that it is continuously exploring new markets for sale of pellets as well as raw material sources for cost effectiveness.”

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Posted By : Rabi Wangkhem on Fri, 15 Nov 2019
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