MIDHANI has declared a Dividend of Rs.35.41crores for the year 2015-16 @ 30% of the profit after tax of Rs.118.03 crores.
Dr.D.K.Likhi, Chariman & Managing Director, MIDHANI along with Directors handed over the Dividend cheque of Rs.35.41 crores to Shri Manohar Parrikar, Hon’ble Raksha Mantri on 25th January, 2017. This is the fifth consecutive year when the Company has paid full dividend to the Government as per guidelines and 13th successive year for payment of dividend.
The Company has achieved a record sales turnover of Rs.762 crores in 2015-16. With the present growth trajectory, the Company is expected to soon achieve a sales turnover in excess of Rs.1000 crores.
During the year 2015-16, Midhani successfully commissioned indigenously manufactured 20 T Electro Slag Refining Furnace(ESR) and 10T Vacuum Arc Re-melting Furnace(VAR) for catering to present and future requirement of heavy gun barrels and Titanium ingots & clean steels for Defence, Space and Atomic Energy. A major project for manufacturing of wide plate is coming up under ‘Make-in-India’ program. With the available retained earnings and leveraging, the Company is targeting to set-up the Armour, Aero quality Carbon Fiber, Tungsten powder & Tungsten alloys and Aluminum Alloys business in the coming years.
MIDHANI has been bestowed with certificate from ELETS for the Project Performance Excellence and also awarded 5th Annual Greentech CSR award under Gold category.
Self reliance in the research, development, manufacture and supply of Critical alloys and products of national and strategic importance is the Mission of MIDHANI and making concrete efforts to take MIDHANI to greater heights in strategic material sector.