Space, defence thrust helped MIDHANI grow
SOURCE: ENS
The Hyderabad-based public sector undertaking alloys maker, has procured huge profits since its last quarter results. The company has mainly benefitted from the government’s thrust to space and defence programmes. Defence Minister Rajnath Singh, who reviewed MIDHANI’s performance on Wednesday, commended it’s contribution towards indigenisation in defence manufacturing.
“The company’s value of production has increased by around 27 per cent from `640 crore in FY 14-15 to `815 crore in FY 18-19. Its market capitalisation hit a peak of `4,637 crore and its share price hit an all-time high of `248.45 as on February 20, 2020,” said a statement released by MIDHANI. According to the ICICI sec report, MIDHANI’s revenues from the space segment increased by 15 per cent.
Over the past five years, the government’s expenditure budget towards space has grown at 17 per cent. This has put MIDHANI in a sweet spot, reflecting in the company’s financials. Singh also lauded the DPSU for diversifying its business to other sectors.
from Indian Defence Research Wing https://ift.tt/3citqUj
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