Defence PSUs hike dividend pay-out as profits rise

Four major defence public sector units - Mazagon Docks Limited (MDL), Goa Shipyard Limited (GSL), Garden Reach and Shipbuilders & Engineers Ltd, (GRSE) and Bharat Dynamics Limited (BDL) -  have paid a total dividend of Rs106 crore to the Government of India for the year 2008-09.

Mazagon Docks Limited (MDL) paid a dividend of Rs49.80 crore to the Government of India for the year 2008-09. This works out to 25 per cent on the equity share capital against 21 per cent declared in 2007-08.

Vice Admiral (Retd) HS Malhi, chairman and managing director of the company presented a cheque of this amount to defence minister AK Antony in New Delhi today. MDL also paid a dividend of Rs4.07 crore on its 7 per cent preference shares.

The company reported a profit (before tax) of Rs397.28 crore for the financial year 2008-09 against a profit of Rs380.70 crore (before tax) in the previous year. Total value of production rose to Rs2,568.93 crore in the financial year 2008-09 against production of Rs2,321.69 crore in the previous year.

Mazagon Docks had accumulated reserves and surplus to the tune of Rs576.90 crore as of 31 March 2009.

Goa Shipyard Ltd: S Anathasayanam, officiating chairman and managing director of Goa Shipyard Limited (GSL), presented a dividend cheque of Rs8.47 crore to defence minister AK Antony.