Hindustan Copper pays ₹74 cr dividend to Centre for FY’22

“Hindustan Copper has paid today a dividend of ₹74.20 crore to the Government of India for FY 2021-22 being 30.01 per cent of Profit After Tax (PAT) in compliance with DIPAM guidelines,” the mines ministry said in a statement.

Hindustan Copper’s total dividend pay-out to all shareholders was ₹112.17 crore.The dividend per share was the highest ever declared by the company.

The approval was granted at the 55th annual general meeting (AGM). The company has already determined eligible shareholders for the dividend benefit.

During FY’22, the company achieved the highest-ever net turnover of ₹1,812 crore and profit before tax of ₹381.76 crore.

The company is currently implementing its mine expansion plan to achieve 12.2 million tonnes per annum ore production.

In its regulatory filing, Hindustan Copper said, “Shareholders of the Company at the 55th AGM held today through Video Conferencing /Other Audio-Visual Means have approved payment of dividend as recommended by the Board of Directors.”

Further, the company said, the date of payment of dividend equivalent to 23.20% of the paid-up capital of the Company (i.e. Rs.1.16 per share) is 26th October 2022.

Hindustan Copper, a public sector undertaking, is under the administrative control of the mines ministry.

In Q1FY23, Hindustan Copper registered a net profit of ₹57.09 crore compared to ₹45.61 crore in the same quarter last year. Revenue from operations stood at ₹348.39 crore in Q1FY23 against ₹267.60 crore in Q1 of FY22.

It is the country’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.