MIDHANI drops after Q4 PAT tumbles 50% to Rs 40 cr

Mishra Dhatu Nigam (MIDHANI) slipped 6.29% to Rs 204.10 after standalone net profit tumbled 49.70% to Rs 40.38 crore on 39.47% fall in total revenue from operations to Rs 203.63 crore in Q4 March 2020 over Q4 March 2019.

Profit before tax (PBT) slumped 51.50% to Rs 55.70 crore in Q4 FY20 over Q4 FY19. Tax expense declined 55.70% to Rs 15.31 crore in Q4 FY20 over Q4 FY19. The Q4 result was declared after market hours yesterday, 30 June 2020. The board has recommended a final dividend of Rs 1.56 per equity share for the year ended 31 March 2020.

MIDHANI and state-run NALCO have jointly incorporated a new joint venture company, Utkarsha Aluminium Dhatu Nigam on 21 August 2019 for setting up high-end aluminium alloy production plant at Nellore, Andhra Pradesh. The joint venture (JV) company has not started its operations.

The spread of COVID-19 pandemic and subsequent lockdown in the last week of March 2020, has affected final inspection, certification, shipment of materials on account of supply chain disruptions, restrictive movements has impacted the company's turnover.

Meanwhile, MIDHANI has appointed Madhubala Kalluri, General Manager (Finance & Accounts), as Chief Financial Officer (CFO) of the company with effect from 30 June 2020.

MIDHANI is one of the leading manufacturers of superalloys, titanium & titanium alloys, special purpose steels and other special alloys. The Government of India held 74% stake in the company as of 31 March 2020.

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