India: KIOCL Pellet Production Climbs 15 Times in FY17

KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd) produced 1.46 MnT pellets during FY17 against 0.1 MnT in FY16. Thus on yearly premises company’s pellet production has multiplied 15 times and 1360% Y-o-Y.

Company’s pellet sales increased 239% Y-o-Y from 0.41 MnT in FY16 to 1.39 MnT in FY17.

Out of 1.38 MnT pellets sold in FY17, 0.89 MnT was through exports and remaining quantity of 0.49 MnT was through domestic sales.

Shri MV Subba Rao , CMD (Addl Charge) attributed this growth to the supportive pricing environment, efficiency in production, and swift decision-making in exploiting market opportunity and implementing the concept of ‘Make in India’.

A company press release said here that KIOCL Ltd recorded a profit after tax of INR 47.93 crore during FY17 against a loss of INR 80.15 crore in the previous financial year.