Steel Authority of India Ltd (SAIL) Chairman, Mr. V.S. Jain handed over a cheque for Rs.638.05 crore to Steel Minister Mr. Ram Vilas Paswan here today. Dr. Mano Ranjan, Secretary, Ministry of Steel, and other dignitaries were also present at the brief function held on the occasion. This was the second and final installment of the Rs.1169.75-crore dividend for financial year 2004-05 paid by SAIL to the Government of India, which holds 85.82% of paid-up equity of the company.
SAIL, had paid a maiden interim dividend of 15% on paid-up equity in February,’05. Now with a final dividend of 18%, the total dividend paid for fiscal ’05 aggregates to 33% on the company’s paid-up equity. The total payout on this account will be to the tune of Rs.1,363 crore, which works out to be 20% of the company’s Profit After Tax (PAT) of Rs.6,817 crore for 2004-05. This is the highest-ever dividend paid by SAIL, which emerged as the second highest profit-earner among PSUs during the last financial year.
2004-05 was a year of record-breaking performance for the steel major which set new records in almost all areas of business performance. SAIL’s PAT zoomed by 171% over the previous year, backed by best-ever production, sales and efficiency parameters. All time best figure was also achieved in turnover – Rs.31,800 crore – finished steel output and energy efficiency. The enviable performance of the company has found recognition in terms of a number of awards, the latest of which is the Prime Ministers’ Trophy for its Bhilai Steel Plant which has recently been adjudged as the best integrated steel plant of the country for the year 2003-04.