India’s state-run iron ore pellet producer KIOCL has reported a net loss of INR 580.40 million ($7 million) in the first quarter (April-June) of the fiscal year 2023-24, against a net profit of INR 822.10 million ($9.92 million) in the corresponding quarter of the previous fiscal year, according to a company regulatory filing on Thursday, August 10.
The company reported total sales revenues of INR 5.41 billion ($65.39 million) during the quarter, a decline of 32 percent year on year.
KIOCL Limited operates a 3 million mt per year capacity pellet plant at Mangalore in the southern state of Karnataka.