KIOCL Ltd Share Price – NSE  /  BSE

Mining & Mineral products, Small Cap

KIOCL announced that as a part of upgradation of the existing filtration system to achieve desired moisture in filter cake for pellet feed from iron ore having high alumina & slime, the Company have installed 4 No's of Vertical Pressure Filters in Pellet Plant Unit. The capacity of each filter is 100 Tons/hr. The filters are under operation now. The performance guarantee test has been started from 18 March 2024 to ensure the desired parameters.

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KIOCL announced that Brickwork Ratings India has reaffirmed credit rating on company's bank facilities aggregating Rs 1608 crore at BWR A+; Negative / BWR A1+.

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KIOCL announced that the operation of Pellet Plant Unit (The Plant) of the Company situated at Mangalore, planned to be suspended, with effect from 24th February 2024 due to ongoing downward trend in pellet market condition.

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Revenue from operations surged 90.86% year on year (YoY) to Rs 549.44 crore in the quarter ended 31 December 2023.

Profit before tax stood at Rs 36.96 crore as compared with pre-tax loss of Rs 33.88 crore recorded in Q3 FY23.

Total expenses spiked 53.73% to Rs 524.20 crore in Q3 FY24 over Q3 FY23. Cost of Materials Consumed stood at Rs 437.52 crore (up 135.06% YoY), power and fuel expenses was at Rs 71.53 crore (up 89.63%) while employees benefits expense was Rs 38.41 crore (down 13.2% YoY) during the period under review.

On nine-month basis, the PSU company’s net loss narrowed to Rs 40.41 crore in 9M FY24 from Rs 179.88 crore posted in 9M FY23. Net sales surged 83.29% YoY to Rs 1,481.97 crore in 9M FY24.

Meamwhile, the board has approved appointment of Saumen Das Gupta, as the chief financial officer (CFO), key managerial personnel of the company with immediate effect. He has over 34 years of experience in finance, accounts, costing and internal audit and has worked at various levels in both public and private sector companies.

KIOCL is a flagship company under the Ministry of Steel, GOI, with Mini Ratna status. It is an export-oriented unit with expertise in iron ore mining, filtration technology and production of high-quality pellets. The company has also ventured into operating and maintenance (O&M) services for steel projects.

As of 31 December 2023, the Government of India held 99.03% stake in the company.

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