Midhani targets 1,000 cr turnover

Hyderabad: Mishra Dhatu Nigam Limited (Midhani), a city-based key materials maker for India's strategic sectors and defence, on Wednesday said it aims to reach Rs 1,000 crore turnover in the near future with a targeted exports of 10-15 per cent by 2022.

At the 45th Annual General Meeting held in the city, the PSU announced a net profit of Rs 130.56 crore on a turnover of Rs 710.85 crore for the year. Also, it declared its highest dividend of Rs 41.03 crore on equity shares for the fiscal year ended March 31, 2019.

Total dividend is Rs 2.19 per equity share. Dr D K Likhi, Chairman and Managing Director, Midhani, said: "Midhani has embarked upon a growth trajectory by taking steps for setting up spring plant at Hyderabad, an aluminium alloy plant in joint venture with NALCO at Nellore, Andhra Pradesh."