KIOCL Limited has recorded a profit of Rs 64 crore after tax during the third quarter of 2020-21.
The company's total cumulative revenue stands at Rs 1,444 crore as against the target of Rs 1,446 crore. M V Subba Rao, chairman and managing director of KIOCL Limited, said that the sea-borne iron market depicted positively during December 2020 due to good demand from Chinese steel mills and lower port stock.
The strong pellet demand in the overseas market due to higher steel production in China coupled with restriction and high Coke price, robust domestic demand due to shortage of Iron Ore and higher steel prices resulted in encouraging financial performance of the Company. The pellet production and dispatches in Q3 were 0.489 million tonnes and 0.522 million tonnes and cumulative pellet Production 1.49 million tonnes, despatch 1.64 million tonnes, a press release stated.