MIDHANI secures orders worth Rs 475cr

Mishra Dhatu Nigam, one of the leading manufacturers of special steels and superalloys informed the bourses that it has secured an order amounting to Rs. 475 crore.

The cumulative order book of the company during FY19 stood at Rs. 1,800 crore.

Midhani is the only company in India to carry out vacuum-based melting and refining through a world-class vacuum melting furnace. This enables the company to venture into new markets with innovative and advanced products. There are no comparable listed companies in India that engage in the same line of business as the company.

Looking at the recently concluded quarter Q3FY19, the standalone revenue came in at Rs. 153.23 crore, YoY increase of 4 per cent. However, operating profit declined by 43 per cent on YoY basis due to a sharp jump in raw material cost by 30 per cent on YoY basis. This poor operating performance has deteriorated the overall profitability of the company by 36 per cent on YoY basis.

On Friday, the stock of Mishra Dhatu Nigam closed at Rs. 115.85 on the BSE. The stock had hit its 52-week high of Rs. 177 on April 20, 2018 and its 52-week low of Rs. 86.35 on April 4, 2018 on the BSE.