Mishra Dhatu Nigam (MIDHANI) surged 8.23% to Rs 191.25 after the company said that it recorded highest ever sales of Rs 810 crore (provisional) in FY 2020-21, higher than Rs 712.88 crore for FY 2019-20.
The company registered highest ever exports of Rs 19.50 crore (provisional) in FY 2020-21, higher than Rs 10.42 crore for FY 2019-20.
Even with disruption in production activities for about 45 days during Q1 of FY 2020-21, due to the COVID-19 pandemic, MIDHANI was able to mitigate the impact on production with better planning and execution.
For the FY 2020-21 continued focus on revenue enhancement and cost reduction has yielded results and leading industry bodies and agencies have bestowed MIDHANI with several awards and accolades.
"During the year, MIDHANI continued its focus on cost optimisation measures including indigenisation of various components, increasing outsourcing efforts and rationalisation of manpower," the company said in a BSE filing made during market hours today.
MIDHANI is one of the leading manufacturers of super alloys, titanium & titanium alloys, special purpose steels and other special alloys. The Government of India held 74% stake in the company as of 31 December 2020.
On a consolidated basis, the company's net profit fell 1% to Rs 60.13 crore on a 9% decline in net sales to Rs 187.92 crore in Q3 FY21 over Q3 FY20.
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