Profit companies

Hind Copper posts net profit of Rs 89 cr in fourth quarter and declares dividend of Rs 1.16

State-owned Hindustan Copper on Saturday reported consolidated net profit of Rs 88.99 crore for the quarter ended March 31, 2022.

The company had posted a net loss of Rs 36.81 crore for the period a year ago, Hindustan Copper said in a filing at BSE.

Revenue rose to Rs 561.47 crore from Rs 531.55 crore in the prior year period.

The company’s consolidated net profit in 2021-22 increased to Rs 373.83 crore from Rs 110.22 crore in the previous year.

Revenue during the year increased to Rs 1,872.18 crore from Rs 1,821.61 crore in 2020-21.

Hindustan Copper said its profitability has improved thanks to an aggressive marketing policy, efficient service sourcing, reduced loans and higher LME prices.

Profitability was reported even after providing a pending revision to workers’ wages since November 2017 having an implication of Rs 80.65 crore.

The debt ratio is now at a comfortable level of 0.50:1.

The company contributed Rs 489.98 crore to the Treasury in FY22 from Rs 153.18 crore in FY21 resulting in an increase of approximately 220%.

Hindustan Copper said the implementation of investment plans to increase capacity at its mine is underway.

The board of directors has recommended a dividend of 23.20% of the capital for 2021-22 compared to 7.32% of the capital last year. The payment on this account is estimated at Rs 112.17 crore.

The company’s board has recommended a dividend of Rs 1.16 per share.

“The Board of Directors has recommended the payment of a dividend for the financial year 2021-22 @ Rs 1.16 per share of par value of Rs 5 each for shareholder approval at the next Annual General Meeting ( AGM) of the company. The date of payment of the dividend will be communicated separately after the approval of the dividend at the AGM,” the company said in a stock market filing.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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