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HCL CMD elaborates expansion plan at 51st AGM

By Indian Mandarins- 06 Oct 2018
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While addressing 51st Annual General Meeting of Hindustan Copper Ltd, the CMD of HCL Santosh Sharma extended his gratitude to the shareholders. This AGM was held at Biswa Bangla Convention Centre, New Town, Kolkata. He said that despite difficult market situations that HCL braved during the fiscal year 2017-18, the Company posted better results as compared to last year. He extended his profound gratitude to all the shareholders for their trust and overwhelming support which is very important for the success of HCL.

 

In his maiden address to the shareholders, Santosh Sharma said that that EBITDA of the company during the FY 2017-18 was Rs 307.98 crore which is 25.5 per cent higher compared to the previous year, which was at Rs 245.46 crore. Profit Before Tax reflected 29 per cent increase in the fiscal year 2017-18 at Rs.121.69 crore against Rs.94.20 crore in 2016-17. The annual accounts of the year 2017-18 were adopted by the shareholders. Keeping in view the Capex and business expansion needs, dividend at the rate 5 per cent on equity was declared for the year 2017-18.

 

The CMD also informed that during fiscal year 2017-18, Kendadih mines at Jharkhand was reopened in December, 2017 and Banwas mine, a new mine at Khetri Copper Complex, Rajasthan was commissioned in June, 2017. During the current year, the Company expects significant progress in mine development activity with MDO for Banwas mine at Khetri, already appointed.

 

The CMD, while addressing the shareholders, also elaborated on the detailed growth strategy and expansion plan of HCL.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.