The Hyderabad-based defence public sector unit, Midhani, has announced a dividend or Rs 39.38 crore or Rs 2.10 per equity share for fiscal 2017-18. During the fiscal, the manufacturer of speciality materials for strategic sector achieved a net profit of Rs 131.26 crore (Rs126.31 cr) on a turnover of Rs 666 crore.

The order book position as on September 1, 2018 stood at Rs 734.71 crore. New orders are also in the pipeline and Midhani is confident of registering consistent growth in future, its Chairman & Managing Director, D K Likhi said, while addressing the 44th Annual General Meeting today.

He said: “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.”

During the fiscal, new projects (Tungsten, Springs, Close Die) were approved with a capital investment of more than Rs 100 crore. Further, thrust is placed for promoting the use of renewable energy and towards this, a 60KW rooftop solar plant and 4-MW land-based solar power plant have been installed.

Midhani has also made progress in the implementation of its growth plan by procuring land at Rohtak for setting up an armouring unit and at Nellore for setting up an aluminium alloy plant in the proposed joint venture with Nalco for the production of high-end aluminium alloy products. With these acquisitions and firm plans in place, the company is poised to grow from a single location organisation to a multi-location one, he added.

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