Lloyds Metals and Energy Limited (LMEL) reported the best-ever operating performance for Q1FY24, with DRI production increasing by 45 per cent on-year to 66,273 tonnes as against 45,842 tonnes during Q1FY23. The company posted iron ore production increase at 400 per cent on-year during the quarter at 3.8 million tonnes as against 0.8 million tonnes during the same quarter the previous year, it said in a regulatory filing.
“On the iron ore front, the company has reported the best-ever monthly production for the month of April 2023 at 1.2 million tonnes in Q1FY24. Lloyds Metals and Energy also shipped its first export order in Q1FY24, further expanding its geographical reach beyond PAN India, it said.
LMEL was incorporated in 1977 and is a Direct Reduced Iron (DRI) manufacturer and merchant iron ore miner. The company has a 2,70,000 tonnes per annum capacity for DRI and 30MW waste heat recovery based (WHRB) power plant. “We relentlessly benchmark our business vision and governance systems, manufacturing and sales processes, and even our customer and community engagement initiatives against global best-in-class standards,” the company said.