State-owned Security Printing and Minting Corporation of India Limited (SPMCIL) has paid a final dividend of Rs 215.48 crore to the government of India for financial year 2019-20. In the previous fiscal (FY19), the Miniratna company had paid dividend of Rs 218.48 crores to the central government.
The dividend, which was in compliance of Department of Investment and Public Asset Management (DIPAM) guidelines, amounts to 5 per cent of net worth of the company as of March 31, 2020, and 41 per cent of profit after tax for FY20.
During the year 2019-20, the revenue from operations of the company 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.
"The dividend was presented to Union Minister of Finance and Corporate Affairs Nirmala Sitharaman by Tripti P. Ghosh, CMD, SPMCIL along with Ajai Kumar Srivastav, Director (Technical) in presence of Tarun Bajaj, Secretary, DEA and Shashank Saksena, Senior Economic Advisor (C&C), DEA, Ministry of Finance," Ministry of Finance said in a press release.
SPMCIL is engaged in production of currency and bank notes, security paper, non-judicial stamp papers, postal stamps and stationery, travel documents viz. passport and visa, security certificates, cheques, bonds, warrants, special certificates with security features, security inks, circulation and commemorative coins, medallions, refining of gold, silver and assay of precious metals, etc. It was formed in 2006 as the result of corporatisation of security presses and mints functioning under the Ministry of Finance. It broadly operates through four production verticals i.e. currency printing presses, security printing presses, security paper mill and India government mints.
For FY20, the company achieved the targets in the production of bank notes, coins, security paper, passports, security inks and other security products. It produced 9,824 million pieces of the bank notes, 3,282 million pieces of circulating coins, 7,010 metric tonnes security paper, 851 MT of security inks in 2019-20.
By Chitranjan Kumar