State-owned Hindustan Copper on Saturday posted a consolidated net profit of Rs 88.99 crore for quarter ended March 31, 2022. The company had posted a net loss of Rs 36.81 crore for the year-ago period, Hindustan Copper said in a filing to BSE.
Income increased to Rs 561.47 crore over Rs 531.55 crore in the year-ago period. The consolidated net profit of the company in 2021-22 increased to Rs 373.83 crore over Rs 110.22 crore in the previous year.
Income during the year increased to Rs 1,872.18 crore from Rs 1,821.61 crore in 2020-21. Hindustan Copper said its profitability has improved on account of dynamic marketing policy, effective procurement of services, reduction of loans and rise in LME prices. .
Profitability was reported even after providing pending revision of workers' wages since November 2017 having an implication of Rs 80.65 crore. The debt equity ratio now stands at a comfortable level of 0.50:1.
The company made a contribution of Rs 489.98 crore to the exchequer in FY22 as against Rs 153.18 crore in FY21, resulting into an increase of around 220 per cent. Hindustan Copper said the implementation of capex plans to augment its mine capacity is underway.