The Hyderabad-based defence public sector unit, Midhani or Mishra Dhatu Nigam Limited has announced a dividend of INR 39.4 crore or INR 2.10 per equity share for FY 2017-18. During FY 2017-18, the manufacturer of speciality materials for strategic sector registered a net profit of INR 131.26 crore on a turnover of INR 666 crore.
The order book position as on September 1, 2018 stood at INR 734.71 crore. According to the Chairman & Managing Director, D K Likhi’s speech during the 44th Annual General Meeting, the company is in the process of finalizing new orders and Midhani is confident of registering consistent growth in future.
“In line with the disinvestment programme of Government of India, Midhani has become a public limited company and completed the exercise of listing of the company through an offer of sale up to 26 per cent of holding. In spite of challenges, the year was of achievements with the best-ever profits,” he said.
Midhani has made significant progress towards implementing the JV projects it has signed. The company has secured land at Nellore for setting up an aluminium alloy plant in the proposed joint venture with Nalco. The plant will produce high-end aluminium alloy products for the defense and aerospace industry and other high end applications. With these mergers and acquisitions, the company is in the right space to grow into a larger organization with multiple projects in different suitable locations.
The company is also promoting the use of renewable energy by installing a 60KW rooftop solar plant and 4-MW land-based solar power plant in its facility.
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