State owned copper major, Hindustan Copper Ltd (HCL) was aiming at four-fold jump in topline to Rs 5000 crore with higher profitability and return on assets, a top company official said today.
State owned copper major, Hindustan Copper Ltd (HCL) was aiming at four-fold jump in topline to Rs 5000 crore with higher profitability and return on assets, a top company official said today. “I want to set the ball rolling for Navaratna status for HCL by 2022-23. I am targeting Rs 5000 crore turnover in 2019-20 with better profitability and asset utilisation,” chairman and managing director Santosh Sharma said in his first interview to PTI after taking charge today. Sharma has set his priorities for both short and medium term strategy. “In the short run my focus would be on assets and jobs that would fetch ‘immediate revenue’ from all possible pending projects and maximisation of asset utilisation while working on projects that can give returns within next one year,” he said. Sharma prior to his appointment as CMD was the director-operations in HCL. His deep knowledge in mining and processing will act as enabler to generate higher revenue and improving productivity in the company for better returns.
In 2016-17, the copper major did a turnover of Rs 1216 crore with a net profit of Rs 62.17 crore. Outlining his short term focus projects that has potential to give return in six months, Sharma said by December the waste to wealth project of copper-ore tailing project at Malajkhand, Madhya Pradesh will help generate net income of Rs 60 crore a year. Once this gets stabilised more such plants in other mines like Khetri will also be commissioned. Bringing another 25,000 tonne capacity at Gujarat Copper Project by Kaldo furnace route for better value addition and ramping up the production to 50,000 tonne capacity, Sharma said.
HCL will now do third party conversion job (tolling) at Taloja Copper Project to generate cash from the idle capacity there, he said. The other action plan includes completing the overhauling of flash smelter at Indian Copper Complex, bringing Surda and Kendadih mine in Jharkhand on production including the Banwas mine of Rajasthan. While, explaining projects having potential to generate revenue in a year’s time include production of cupronickel alloy tube in collaboration with defence PSU MIDHANI and finer details are been worked out, the new company chief said. HCL will also target ‘incidental copper-ore’ from underground Malajkhand Copper Project (MCP) from December 2018 much before this flagship project gets completed in the next five years. Concentrator plant of three million tonne capacity at MCP and Rakha. While, West Bengal is not left out in expansion plans of HCL, Sharma said the company was working on expanding capacity at Ghatshila plant to 25,000 tonne per annum from 18500 tonne with upgraded technology. Total capex in all these proposed projects will be Rs 5000 crore over the next few years.