Hind Copper posts net profit of Rs 89 cr in Q4, declares Rs 1.16 dividend

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

Hindustan Copper, in a filing to the BSE, said the company had reported a net loss of Rs 36.81 crore for the year-ago period.

Income increased to Rs 561.47 crore from Rs 531.55 crore in the year-ago period.

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

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

Hindustan Copper said that its profitability has improved due to dynamic marketing strategy, effective procurement of services, reduction in debt and increase in LME prices.

The profitability was reported even after providing pending revision in wages of workers with an implication of Rs 80.65 crore since November 2017.

The Debt Equity Ratio is now at a comfortable level of 0.50:1.

The company contributed Rs 489.98 crore to the exchequer in FY 2012 as compared to Rs 153.18 crore in FY 2011, resulting in a growth of about 220 per cent.

Hindustan Copper said that a capital expenditure plan is being implemented to increase its mine capacity.

The board has recommended a dividend of 23.20 per cent of the capital for 2021-22, as against 7.32 per cent of the capital last year. The payment on this account is estimated at Rs 112.17 crore.

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

“The Board has recommended payment of dividend at the rate of Rs 1.16 per share for the financial year 2021-22 for the financial year 2021-22 for approval of shareholders at the upcoming Annual General Meeting (AGM) of the company. The date of payment of dividend will be intimated separately at the AGM after the approval of the dividend,” the company said in a stock exchange filing.

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

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