KIOCL gained 3.52% to Rs 385.60 after the mining company reported net profit of Rs 39.03 crore in Q3 FY24 as against net loss of Rs 33.88 posted in Q3 FY23.
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 companys 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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