Date:02/04/2008 URL: http://www.thehindu.com/2008/04/02/stories/2008040255630700.htm

Andhra Pradesh

Hyderabad-based defence firm sets all-time record

HYDERABAD: Mishra Dhatu Nigam (Midhani) Limited, the Hyderabad-based public sector defence undertaking, has recorded an all-time high sales turnover of Rs. 256 crore and profit before tax of Rs. 27 crore during the financial year ended March 31, 2007. The company crossed Rs. 200-crore mark in sales turnover for the first time after its turnaround in 2003-04. Midhani’s order book presently stood at Rs. 700 crore, including orders worth Rs. 232 crore booked during the year. Announcing the provisional results, Midhani chairman and managing director M. Narayana Rao said the company embarked upon massive modernisation and upgradation programme. It was being funded partly by strategic customers to meet the requirements of hi-tech special material for the ambitious “Chandrayan” as also for the core of the Fast Breeder Reactor programme.

MoU rating

According to a press release, the performance during the year would enable Midhani to achieve “excellent” MoU rating for the fifth year in succession and pay dividend to the Central Government. Advanced aerospace technologies had been employed as a spin-off to manufacture wide range of low cost Titanium Bio-medical implants that were supplied to reputed hospitals across the country.