Public-sector unit Mishra Dhatu Nigam Limited (MIDHANI), a leading manufacturer of special steels, superalloys, and titanium alloys, said its sales jumped 22% for the full year ended March 2024, leading to a 5% jump in its shares to Rs 410.45 on the NSE.
The company's sales for the year were at Rs. 1,065 crore, marking a significant increase from the previous fiscal year's sales of Rs. 871.94 crore.
This marks a break from the relatively modest growth seen in recent years.
In FY 2019-20, the company reported sales of Rs. 712.88 crore, followed by Rs. 813.72 crore in FY 2020-21, and Rs. 859.47 crore in FY 2021-22.
MIDHANI also achieved a new milestone in its direct exports. The company recorded its highest ever direct exports of Rs. 66.88 crore (provisional and unaudited) for FY 2023-24, a substantial 78.5% increase from the previous fiscal year's direct exports of Rs. 37.45 crore.
Mishra Dhatu Nigam Limited (MIDHANI), a state-owned enterprise under the Ministry of Defence, Government of India, was established in 1973 and is headquartered in Hyderabad, Telangana. The company specializes in manufacturing special alloys for various strategic sectors, including defense, aerospace, nuclear, and other industries.
MIDHANI's product portfolio comprises nickel-based superalloys, titanium alloys, special steels, and other special products, which are used in critical components such as aircraft engines, missiles, space launch vehicles, nuclear reactors, and power generation equipment.