KIOCL announced that it has once again temporarily suspended operation of its pellet plant at Mangalore from 23 August 2022.
The temporary shutdown is due to shed full condition, resulting out of lack of demand in domestic market and unviability in international market in view of levy of duty on export of pellets by Government of India vide its notification.The company added that it shall keep the stock exchange informed as soon as the operations at pellet plant resumes.
KIOCL is engaged in Business of Iron Ore Mining Benefication and Production of High Quality Pellets. The company reported net loss of Rs 43.78 crore in Q1 FY23 compared with a net profit of Rs 215.92 crore in Q1 FY22. Revenue from operations declined 64.8% to Rs 366.24 crore in Q1 FY23 over Q1 FY22.
Shares of KIOCL rose 0.26% to Rs 191.10 on the BSE.
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