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MIDHANI achieves best ever turnover Rs 813.23 crore in FY 2020-21

During the financial year FY 2020-21, MIDHANI has earned a net profit (PAT) of 166.29 crore against the Rs 159.73 crore, which was earned during the FY 2019-20

Defence PSU MIDHANI achieves best ever turnover Rs 813.23 crore in FY 2020-21
Defence PSU MIDHANI achieves best ever turnover Rs 813.23 crore in FY 2020-21

New Delhi: The Board of Directors of Mishra Dhatu Nigam Limited (MIDHANI) have announced the financial results of the company for FY 2020-21 on Thursday. During the financial year (FY 2020-21) the Defence PSU has achieved best-ever turnover of Rs 813.23 crore registering a growth of 14.08 percent over the turnover of Rs 712.88 crore achieved during the previous FY 2019-20.

The company has earned a profit after tax (PAT) of Rs 166.29 crore for FY 2020-21, against the Rs 159.73 crore achieved during the previous FY 2019-20. PAT for the previous financial year includes the deferred tax benefit due to the implementation of new corporate tax rates.

The operating profit of the company stood at Rs 206.26 crore for the FY 2020-21 registering a growth of 24.52 percent over the operating profit of Rs 165.65 crore achieved during the previous FY 2019-20.

The company has also achieved the best ever profit before tax (PBT) of Rs 226.09 crore for the FY 2020-21 registering a growth of 11.88 percent over the PBT of Rs 202.09 crore achieved during the previous FY 2019-20.

During the FY 2020-21, the company paid an interim dividend of Rs 1.20 per equity share and further proposes to pay another Rs 1.58 per equity share as the final dividend for 2020-21. The total dividend (including interim dividend) for the financial year 2020-21 is Rs 2.78 per equity share (par value Rs 10/- each).

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"The company’s financial results for the year ended March 31, 2021, have been impacted by the lockdown on account on COVID-19 more particularly during Q1. The company was not operational for 45 days due to lockdown during the 1st quarter of the financial year 2020-21 due to which the Value of Production (V0P) has been impacted, however, the company achieved best ever results in terms of Revenue and PBT during the financial year," MIDHANI said an official statement.

The company has assessed the possible impact of COVID-19 on its financial statements based on the internal and external information available up to the date of approval of these financial results including but not limited to its assessment of the company’s liquidity, recoverable values of property, plant and equipment, intangible assets and the net realisable values of other assets. The Company continues to monitor changes in future economic conditions while taking steps to improve operational efficiencies and the financial outcome.

The order book position as of April 1, 2021, stood at Rs 1,353 crores.

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