Chairman and Managing Director, HCL, Arun Kumar Shukla, addressed the Shareholders at the 55th Annual General Meeting of the Company held on Wednesday through Video Conferencing. The Shareholders approved annual accounts and payment of dividend for FY 2021-22 equivalent to 23.20 per cent of capital and total payout on this account is Rs. 112.17 crore. Many of the Shareholders have appreciated the performance and the financial management of the Company.

The meeting was also attended by Prakash Mundharikar from the Ministry of Mines, Govt of India as nominee of the President of India, Sanjay Panjiyar, Director (Operations), Ghanshyam Sharma, Director (Finance), Sanjiv Kumar Singh, Director (Mining) and A G K Prasad, Avinash J. Bhide, Hemlata Verma, Independent Directors and C S Singhi, ED (Co Secretary), among others.

While replying to the Shareholders’ queries, Shukla apprised them about ongoing mine expansion plans of the Company. The production from HCL’s flagship project, Malanjkhand Underground Mine, has already commenced. He further stated that the Company is moving forward to achieve its production targets. CMD, HCL, also informed that the Company has repaid loan of Rs 729 crore in FY 2021-22 from its internal accruals.

Further, Shukla threw light on the increase in Copper LME price in coming days on the back of soaring demand of Copper in the international market.

The shareholders also approved other resolutions as per AGM Notice. Voting results will be filed with Stock Exchanges and uploaded on the website of the  Company on 29.9.2022.

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

FY 2021-22 highlights:

•  
• ·         Highest ever net Turnover of Rs 1812 crore.
• ·         Profit Before Tax has surged by 338% to Rs 381.76 crore.
• ·         The Dividend payout is 30.01% of PAT of  the financial year.  The dividend per share is highest ever declared by the Company.
• ·         Rs. 500 crore raised through QIP in April 2021. The Company is the first ever non-banking CPSE to raise equity from market through QIP. The proceeds are being used to fund its ongoing mining capex.