KIOCL reduces Q3 net loss to Rs Rs 33.88 cr

State-owned KIOCL has trimmed its net loss to Rs 33.88 crore during the October-December quarter of FY23, helped by reduced expenses.

The company had posted Rs 86.68 crore net loss during the same period of the preceding fiscal, KIOCL said in a regulatory filing.

KIOCL has also reduced its expenses to Rs 340.99 crore from Rs 467.03 crore a year ago.

Total revenue of the company stood at Rs 307.11 crore as against Rs 380.35 crore in the year ago quarter.

KIOCL Limited — formerly known as Kudremukh Iron Ore Co Ltd — is a company under the steel ministry. The company has experience in operating iron ore mining, beneficiation and ironoxide pelletisation in the country.

It has a 3.5 million tonne per annum (MTPA) iron-oxide pellet plant to manufacture pig iron at Mangaluru, Karnataka.