Indian state-owned company Kudremukh Iron Ore Company (KIOCL) exported 1.99mn mt pellets which accounted for 84pc sales in FY20 ending March. KIOCL sold pellets in overseas markets like Brazil, China, Europe, Middle East among others. The company states these are the highest yearly exports which the company has clocked since the closure of their captive mines in 2005.
The company’s pellet production rose by 6pc to 2.375mn mt in the period from 2.238mn mt in the prior year. Despatch increased by 7pc to 2.356mn mt from 2.206mn mt in FY 2019. The company claims production and despatches were the highest since 2006.
KIOCL’s profit before tax and profit after tax stood at Rs636.8mn and Rs434.8mn, respectively. Revenue increased by 2pc to Rs20.565bn in FY20 from the prior year.