Team News Riveting
Raipur, September 28
Sharda Energy and Minerals Limited (SEML), a diversified company with interest in steel, power and mining, has announced a dividend payout of 150 per cent per share of a Rs 1 face value (FV).
The 50th Annual General Meeting of the Members of the Company was held on Thursday through VC/OAVM. The voting was done by remote e-voting and e-voting at the AGM.
“Declaration of Dividend @ Rs 1.50 per equity share (150%) on equity share of F.V. of Rs 1/- for the F.Y. 2022-23,” SEML said in a filing while informing about the transaction of the business in the meeting.
The AGM also adopted the Audited Standalone and consolidated Financial Statements of the Company for the financial year ended on 31st March, 2023, the reports of the Board of Directors and Auditors thereon.
SEML is the flagship arm of the Chhattisgarh-based Sarda Group, which is one of the lowest cost producers of steel (sponge iron, billets, ingots, TMT bars). It is also one of the largest manufacturers and exporters of ferro alloys in India.
In May, SEML has announced special dividend to commemorate company’s 50th year. The results for the financial years 2022-23 (FY23) underlined that its revenue from operations has surged 14.3 per cent to Rs 3020.45 crore compared to previous year’s Rs 2641.95 crore. However, the company’s profit after tax (PAT) plunged marginally by 3.2 per cent in the FY23. SEML reported a PAT of Rs 638.41 crore in FY23 while it was pegged at Rs 659.77 crore in the previous financial year.
