Announces a dividend of Rs 7.5 per share
Team News Riveting
Raipur, May 23
Sarda Energy and Minerals Limited (SEML), a vertically integrated producer of steel and hydro power player, has posted a net profit of Rs 807 crore for the financial year 2021-22 (FY22).
The company clocked an increase of 114 per cent in the net profit year-on-year (YoY). SEML, the arm of Sarda Group incorporated in 1973, had recorded an increase of 69 per cent in the total income at Rs 3964 crore, the company said in the Investors Presentation.
In the last quarters of FY22, the company’s total income stood at Rs 1092 crore; up 47 per cent YoY. The net profit during the period surged to Rs 207 crore, an increase of 49 per cent YoY.
The company has recommended a total dividend of Rs 7.5 per share, subject to shareholders approval besides buyback of a total amount of Rs 122 crore at Rs 1500 per share.
The physical performance of the company has also been outstanding during the fiscal. While the iron ore pellet production and sales were highest ever annually at 741,000 million tonnes (MT) and 488,056 MT, SEML steel billet output stood at 192,283 MT, which was also highest ever for any year.
The company recorded the highest ever annual production of wire rod at 160,945 MT and sales at 127,206 MT, highest ever annual production of H.B. Wire at 32,393 MT and sales at 31,930 MT, highest ever annual production of ferro alloys at 159,483 MT and sales at 153,301 MT, highest ever annual generation of thermal power at 1079.04 Mn KwH and highest ever annual generation and sales of hydro power at 416.7 Mn KwH.
During the fiscal, SEML commissioned Gare Palma Coal Mine in December and Coal Washery of 1 MMT per annum in February 2022. The Coal Gasifier Plant was commissioned in January 2022.
The 113 MW Sikkim Hydro Power project went on stream in June 2021.
