Hindustan Copper Q4 net loss narrows to Rs 37 cr

On a consolidated basis, Hindustan Copper reported a net loss of Rs 36.82 crore in Q4 FY21, lower than net loss of Rs 514.27 crore in Q4 FY20.

Net sales surged 255.70% to Rs 522.24 crore in Q4 FY21 as against Rs 146.84 crore in Q4 FY20. Pre-tax loss was at Rs 63.21 crore in Q4 FY21 as against a pre-tax loss of Rs 481.19 crore in Q4 FY20.

During the financial year, Hindustan Copper's reported a consolidated net profit of Rs 110.18 crore in Q4 FY21 compared with net loss of Rs 569.21 crore in Q4 FY20. Revenues from operations climbed 114.79% to Rs 1,786.76 crore in Q4 FY21 from Rs 831.85 crore in Q4 FY20.

The board has recommended payment of dividend for financial year 2020-21 of Re 0.35 per share.

Meanwhile, the board has also recommended seeking shareholders' approval to authorize the board to raise funds by issue of equity shares through QIP to the extent of 10.48% (15% Less 4.52% already raised) of existing paid up equity capital of the company in one or more trenches for funding the capex plans and; and to issue and allot secured or unsecured non-convertible debentures or bonds on private placement basis.

Hindustan Copper is engaged in exploration, exploitation, mining of copper and copper ore, including beneficiation of minerals, smelting and refining. As of 31 March 2021, the Government of India held 72.76% stake in the company.

Shares of Hindustan Copper declined 3.54% to Rs 148.70 on BSE. The stock hovered in the range of Rs 146 to Rs 151.90 so far.

Powered by Capital Market - Live News