Hindustan Copper net profit jumps 49 pc to Rs 132.3 cr in March quarter

New Delhi [India], May 20 : State-owned Hindustan Copper (HCL) has reported a 48.7 per cent jump in net profit to Rs 132.3 crore for the quarter ended March 31, 2023, against Rs 89 crore in the corresponding period during the previous year.

Revenue of the firm during the quarter under review went up 2.6 per cent to Rs 559.8 crore, against Rs 545.5 crore in the corresponding period of the preceding fiscal.

The company's earnings before interest, taxes, depreciation, and amortisation (Ebitda) jumped 22.1 per cent to Rs 186 crore in the fourth quarter of this fiscal over Rs 152.4 crore in the corresponding period in the previous fiscal, according to a statement released on Friday evening.

Ebitda margin stood at 33.2 per cent in the reporting quarter as compared to 27.9 per cent in the corresponding period in the previous financial year.

The board has recommended payment of dividends for the financial year 2022-23 at Re 0.92 share of the face value of Rs 5 each, the company said.

As the global economy moves toward net zero carbon emissions through energy transition, the role of copper remained pivotal as the most efficient conductive material, indispensable for capturing, storing and transporting the green energy, the company said, adding "hence significant rise in demand of copper has been predicted on account of thrust on low carbon economy".

Hindustan Copper is a central public sector undertaking under the ownership of the Ministry of Mines. HCL shares are listed at Mumbai, Delhi, Kolkata, Chennai, Ahmedabad exchanges. On July 31, 2015, the government of India announced a 15 per cent stake sale in Hindustan Copper Limited, reducing its stake from 89.5 per cent to 74.5 per cent.

On May 16, HCL won the prestigious 35th CFBP Jamnalal Bajaj Award for Fair Business Practice - 2022-23 of Manufacturing Enterprises for Large category. The trophy was received by Arun Kumar Shukla, CMD, along with TEAM HCL, at an award ceremony in Mumbai on May 16, 2023.

The shares of the company were trading 0.098 per cent up at Rs 102 apiece on Friday closing.

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