Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
Mishra Dhatu Nigam (MIDHANI) rose 1.35% to Rs 213.20 after the company reported 86.1% jump in consolidated net profit to Rs 74.71 crore on 67.4% rise in net sales to Rs 340.01 crore in Q4 FY21 over Q4 FY20.
Profit before tax in Q4 FY21 stood at Rs 101.53 crore, up 82.3% from Rs 55.70 crore in Q4 FY20. Current tax outgo increased by 75.6% YoY to Rs 26.90 crore during the quarter.
The company’s consolidated net profit rose 5.3% to Rs 166.42 crore on 13.5% increase in net sales to Rs 804.35 crore in FY21 over FY20.
The company’s financial results for the year ended 31 March 2021, have been impacted by the lockdown on account on COVID-19 more particularly during Q1. The company was not operational for 45 days due to lockdown during the first quarter of the financial year 2020-21 due to which the value of production (VoP) has been impacted. However, the company has achieved best ever results in terms revenue and PBT during the financial year.
The order book position as on 1 April 2021 stood at Rs 1353 crore.
During the FY 2020-21, the company proposes to pay Rs 1.58 per equity share as final dividend for 2020-21.
MIDHANI is one of the leading manufacturers of super alloys, titanium & titanium alloys, special purpose steels and other special alloys. The Government of India held 74% stake in the company as of 31 March 2021.
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