KIOCL Turns Profitable in Q3 FY24: Rs 39 Crore Net Profit

New Delhi, Feb 13 (PTI) State-owned KIOCL on Tuesday turned profitable with a standalone net profit of Rs 39.03 crore for the quarter ended December 31, 2023, aided by higher revenue.

It had incurred a net loss Rs 33.88 crore during October-December period of 2022-23.

Total revenue rose to Rs 561.16 crore in the third quarter of FY24 from Rs 307.11 crore a year ago, according to an exchange filing by the company.

Expenses stood at Rs 524.20 crore as against Rs 340.99 crore in the third quarter of last fiscal.

KIOCL Ltd, under Ministry of Steel, operates a 3.5 million tonne per annum (MTPA) iron-oxide pellet plant and a blast furnace unit to manufacture 2.16 lakh tonne per annum pig iron at Mangaluru, Karnataka.