Midhani turnover exceeds target

The company signed an MoU with the defence ministry committing to achieve a sales turnover of Rs 680 cr in the current fiscal

Defence sector undertaking Mishra Dhatu Nigam Limited (Midhani) posted a turnover of Rs 630 crore as against a target of Rs 600 crore and a profit before tax of Rs 134 crore during 2014-15.

Midhani chairman and managing director, M Narayana Rao, said there was a five-fold increase in company’s sales in the past decade compared with a turnover of Rs 125 crore in 2003-04.

The miniratna company has embarked upon a modernisation and upgradation programme funded through its internal resources and partly from customers to meet the hi-tech special materials requirements. During the year, it enhanced its production capacity by commissioning a 6,000-tonne forge press and 150 Kw and 300 kw electron beam melting furnace.

Recently, Midhani signed an MoU with the defence ministry committing to achieve a sales turnover of Rs 680 crore in the current financial year. It has also planned to enter the export market during 2015-16.

The hi-tech metallurgical facility, set up primarily to attain self-reliance in critical materials, has been supporting programmes in strategic sectors like space, aeronautics, atomic energy and general engineering industries besides defence. It is also developing and manufacturing titanium bio-medical implants as a measure of corporate social responsibility.