SIIL PAYS RS. 1.03 CRORE DIVIDEND
TO GOVERNMENT
Sponge Iron India
Limited (SIIL), a public sector unit of the Ministry of Steel,
after a gap of ten years, has paid a dividend of Rs. 1.03 crore
to the Government for the year 2002-03. This is the highest ever
dividend paid by the company, the previous highest being Rs. 57
lakh in the year 1992-93. The dividend cheque was presented today
in a review meeting to the Steel Minister, Shri Braja Kishore
Tripathy by the CMD of the company Shri Rajat Chakraborty. The
Minister was re-viewing the company's performance during the year
2002-03.
SIIL utilised 119.34
per cent of its capacity and produced 71, 603 tonnes of sponge
iron during the year 2002-03. The target fulfilment in terms of
production, sales and average sales realisation are above 100
per cent and the best since inception. The gross margin, cash
profit and net profit of the company during the year has shown
significant improvement. There is an all round growth in performance
as compared to corresponding period of the previous year.
The company has achieved
a net profit of Rs. 6 crore during the year which is almost eleven
times higher than the target. It is the highest ever achieved
by the company since inception the previous best being Rs. 2.91
crore in the year 1992-93.The minister was happy to know that
the company is going to pay back the entire long-term loan taken
from the government. The minister thanked the SIIL collective
for the excellent performance put up during the year.
SIIL has its sponge
iron plant with a capacity of 60,000 TPA at Paloncha in the tribal
district of Khamam of Andhra Pradesh. The plant takes up manufacture
and sale of sponge iron and provides comprehensive technical consultancy
services for establishment of sponge iron units based on Rotary
Kiln process
