MIDHANI, the defence enterprise has declared a dividend of Rs 35.41crores for the year 2015-16 @ 30 per cent of the profit after tax of Rs 118.03 crores.

D K Likhi, Chairman & Managing Director, along with Directors handed over the cheque to Manohar Parrikar the Defence Minister. This is the fifth consecutive year when the company has paid full dividend to the Government as per guidelines.

Interestingly, the cumulative dividend paid is more than it’s equity base. Till now Midhani has paid Rs 238.52 crores as against its equity capital of Rs 187.34 crores.

The Hyderabad-based company has achieved a record sales turnover of Rs 762 crores in 2015-16. With the present growth trajectory, it is expected to soon achieve a sales turnover in excess of Rs 1000 crores, said a press release.

During 2015-16, Midhani successfully commissioned the indigenously manufactured 20 T Electro Slag Refining Furnace(ESR) and 10T Vacuum Arc Re-melting Furnace(VAR) for catering to present and future requirement of heavy gun barrels and Titanium ingots & clean steels for Defence, Space and Atomic Energy.

A major project for manufacturing of wide plate is coming up under ‘Make-in-India’ program. With the available retained earnings and leveraging, the Company is targeting to set-up the Armour, Aero quality Carbon Fiber, Tungsten powder & Tungsten alloys and Aluminum Alloys business in the coming years.

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