Team News Riveting
Raipur, May 27
Sarda Energy and Minerals Limited (SEML), an entity of Sarda Group, has announced a special dividend to commemorate the company’s 50 years of coming into being even as its profit plunged marginally in the last fiscal.
The Board of Directors of the Company at its meeting held today have, interalia, approved the audited standalone and consolidated results (financial and segment wise) for the
financial year ended 31st March 2023 besides the audited financial statements (standalone and consolidated).
“The Board has recommended, subject to the approval of the members in the general meeting, a) dividend @ Rs 0.75 per share (75%) post split of the shares, for the financial year 2022-23; b) a special dividend @ Rs 0.75 per share (75%) post split to commemorate 50 years of the Company,” SEML said in a regulatory filing. The record date for dividend shall be decided later by the Board, the company added.
The company 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.
The fourth quarter of the FY23 was also discoursing for the company as PAT recorded a loss of 30 per cent compared to previous year’s corresponding period.
The Chhattisgarh-based Sarda Group, which is one of the lowest cost producers of steel (sponge iron, billets, ingots, TMT bars), is also one of the largest manufacturers and exporters of ferro alloys in India.
