SPMCIL pays dividend of Rs 215.48Cr to government
Published: Jan 14, 2021
By TIOLCORPLAWS News Service
NEW DELHI, JAN 14, 2021: STATE-OWNED Security Printing and Minting Corporation of India Limited (SPMCIL) today paid a final dividend of Rs 215.48 crore to the government of India for the financial year 2019-20.
The dividend, which was in compliance of the Department of Investment and Public Asset Management (DIPAM) guidelines, accounts for 5% of the net worth of the company as of 31 March 2020, and 41% of the miniratna's profit after tax for the previous fiscal.
In the year 2019-20, SPMCIL produced 9,824 million pieces of bank notes, 3,282 million pieces of circulating coins, 7,010 metric tonne security paper and 851 metric tonne of security inks. As a result, the revenue from operations stood at Rs 4,966 crore and profit before tax increased to Rs 1,026.79 crore.
"SPMCIL has also achieved "Excellent" grading for Corporate Governance from Department of Public Enterprises (DPE) for the year 2019-20," said an official statement.
The dividend cheque was presented to Minister of Finance and Corporate Affairs Ms Nirmala Sitharaman by Ms Tripti P. Ghosh, CMD, SPMCIL, and Technical Director Mr Ajai Kumar Srivastav.
SPMCIL is wholly owned by the government under the administrative control of Department of Economic Affairs (DEA) of the Ministry of Finance, and produces bank notes, coins, security paper, passports, security inks and other products.