SAIL bounces back into black with Net Profit of Rs 2179 Crore during FY’19
Steel Authority of India Limited (SAIL) has staged an impressive turnaround by clocking a Net Profit during the Financial Year 2018-19 after 3 consecutive years of losses. Declaring its annual results today, the Company posted a Net Profit (Profit After Tax) of Rs. 2178.82 Crore in FY 2018-19 (FY’19) as against a net loss of Rs 481.71 Crore in FY 2017-18. During the financial year 2018-19, intensive efforts on improving physical performance throughout the year in tandem with the market conditions made it possible to achieve higher volumes, improve the product-mix and increase the share of value-added steel.
Shri Anil Kumar Chaudhary, Chairman, SAIL, dedicated the turnaround to organisational synergy and team work. He said, “The entire SAIL Collective worked in mission mode to achieve this turnaround. Together we have done it and it has strengthened our resolve to perform better in coming times. We all are committed to put SAIL into a higher orbit of performance. The performance during the last year gives us confidence to aim higher and we shall put in even greater efforts to ramp-up production from our sophisticated mills while focussing on augmenting production of special & valued added steels and niche products.”
SAIL’s operating margin grew by more than 100% in FY’19 over CPLY indicating an overall improvement in the performance.
GAIL records highest ever Annual PAT of Rs. 6,026 crore
GAIL (India) Limited recorded its highest ever Profit after Tax of Rs 6,026 crore for the Financial Year 2018-19 in its journey of over three decades, a rise of 30 % from Rs. 4,618 crore in the last fiscal on the back of better physical performance in all segments and better realisations. The Company’s turnover is up by 39% at Rs. 74,808 crore while Profit before Tax rose by 31% at Rs. 9,085 crore.
During the year, the Company registered 14% growth in Natural Gas Marketing and 2% growth in Natural Gas Transmission volumes while sales quantity in Petrochemicals, Liquid Hydrocarbons (LHC) and LPG Transmission segment rose by 9%, 4% and 7% respectively. The increase in profit was mainly due to robust performance of Natural Gas Marketing segment duly supported by increase in profit from Natural Gas Transmission, LHC and Petrochemicals segments.
The earning per share is up by 30% from Rs. 20.48 to Rs. 26.72. The Board has recommended a final dividend of Rs.1.77 per share (subject to approval of shareholders) on paid-up equity (pre bonus issue) making the total dividend for the year to Rs.8.02 per share.
The Board has also recommended one fully paid-up Bonus share for every one equity shares held (subject to approval of shareholders).
ONGC Mehsana Facilitates ECS Payment for Farmers
In accordance with the ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’ (PMGDISHA) and as per the directive of CMD and Director (Finance) ONGC, it has been mandated that any payment which is made to the vendors should be through ECS.
ECS is an electronic clearing system that facilitates paperless credit / debit transaction directly linked to the farmer’s bank account and also provides for a faster method for effective periodic and repetitive payments.
ONGC Mehsana Asset rents land from approximately 7,500 farmers residing in 95 villages in the nearby areas of the asset. Prior to the introduction of the ECS system, the rental and damage compensation was paid to the farmers through cheques. While this old-school method was relatively easier for the farmers to understand though it had its own set of challenges.
According to Dabhi Dilipsinh, a farmer from Indrap village in Mehsana, “A cheque takes at least a week to get cleared, and there are times when I need the money immediately as I have a big family to look after. A small farmer like me doesn’t usually prefer to wait that long after I have received the money in hand in the form of cheque. There have been instances when I have lost the cheque, in which case I have to go through a lot of hassle to get my money’.
NTPC Signs MoU with Ministry of Power
India’s largest power generating company, NTPC signed the Memorandum of Understanding (MOU) with Ministry of Power for the year 2019-20. NTPC has kept key targets as Rs 20,000 crore for capital expenditure and generate 310 Billion Units (BU) of electricity under excellent category. The corporation would also ensure 10.4 Million Metric Tonnes of coal production in a bid to strengthen fuel supply to its power stations.
NTPC Ltd is committed towards enhancing operational efficiency and simultaneously aiming to increase its revenue by 12% by employing measures to strengthen financial performance for the year 2019-20.
The MoU was signed by Shri Gurdeep Singh, Chairman and Managing Director, NTPC Ltd. and Shri Ajay Kumar Bhalla, Secretary, Ministry of Power, Government of India in the presence of senior officials of NTPC and Ministry of Power.
HPCL AND CSIR-NPL RELEASE 26 BNDs
HPCL and CSIR–NPL achieved significant milestone by releasing 26 Petroleum BNDs (Bharatiya Nirdeshak Dravya or Indian Reference Material) last month.
The 26 Petroleum BNDs jointly developed by HPCL and CSIR-NPL will provide traceability for all vital parameters of Petroleum products testing and certification comprising of 13 Physical properties, 2 Physicochemical properties and 11 Chemical properties including BND for sulfur content measurement at lower concentrations which will be of immense use for BS VI fuels. The initiative will save vital foreign exchange through import substitution for Certified Reference Materials (CRMs).
New Director (HR) takes charge at BEL
Mr Shivakumaran K M took charge as Director (HR) at Navratna Defence PSU Bharat Electronics Limited (BEL) on June 11, 2019. He was serving as GM (HR) at BEL’s Bangalore Complex before his elevation.
Mr Shivakumaran started his journey as an HR professional at Sujatha Textile Mills, Nanjangudu, Karnataka, in 1986 after completing his Master’s in Social Work, specialising in Personnel Management, Industrial Relations & Labour Welfare from Manasagangothri, University of Mysore, in 1984. He then moved to Mandya National Paper Mills, a PSU at Belagula near Mysore in I988 and worked in the capacity of Personnel Officer.
He joined BEL in the year 1989 as Assistant Personnel Manager at Corporate Office and later worked at the Company’s Bangalore and Hyderabad Units.
During his 30-year-old stint at BEL, Mr Shivakumaran has contributed to bringing about a paradigm shift in HR at BEL, transforming it into a strategic business partner of the Company. He has been responsible for the formulation and implementation of various HR interventions directed towards improving the organisational effectiveness and advancing the Company’s vision and growth. Implementation of the SAP ERP system for HR functions has been one of his key contributions. He also has been actively involved in the implementation of various CSR projects of BEL across the Company.