HCL Dividend Payout: Hindustan Copper Ltd pays highest-ever dividend per share declared by the company

HCL Dividend: Hindustan Copper Ltd, a Miniratna Category-I PSU (Schedule A) under the Ministry of Mines, Government of India, has paid a dividend of Rs 74.20 crore to the Government of India for FY 2021-22 on October 26 in compliance with DIPAM Guidelines. This is equivalent to 23.20 per cent of equity share capital.

Earlier, the dividend was approved by the shareholders of the Company at the 55th Annual General Meeting held on 28.09.2022. The total dividend pay-out to all shareholders is Rs.112.17 crore. The dividend per share is the highest ever declared by the Company.

During FY 2021-22, the Company achieved the highest-ever net turnover of Rs.1812 crore and Profit Before Tax of Rs.381.76 crore. Hindustan Copper is currently implementing its mine expansion plan to achieve 12.2 million tonnes per annum of ore production.

The share price of HCL closed at Rs 105.9 today.

The government-owned company received shareholders' approval earlier this week to pay dividends for fiscal FY22. The approval for the payment of dividends was granted at the company's 55th annual general meeting (AGM).  

Hindustan Copper said that it will increase mine production of the metal in phases to 20.2 million tonnes per annum (MTPA) to reduce dependence on imports by the country. 

Hindustan Copper is a public sector company under the Ministry of Mines. It was incorporated in 1967.

"Shareholders of the Company at the 55th AGM held today through Video Conferencing /Other Audio-Visual Means have approved payment of dividend as recommended by the Board of Directors," Hindustan Copper said in a regulatory filing on September 28.

As per various media reports, the company was considering increasing its copper ore production to 12.2 million tonnes per annum by FY29 in its first phase of expansion. The company's copper ore production stood at3.57 million tonnes (MT) in FY22.

Recently, Union Coal Minister Shri Pralhad Joshi held a review meeting of Hindustan Copper Limited. He carried out a detailed discussion on physical and financial performance, and also checked the status of mining leases, etc.