MMTC (513377) Q4 23/24 earnings summary

Executive summary

• Operations ceased as per government directive; turnover for 2023-24 was ₹5.13 crore, mainly from wind power sales in Karnataka.

• Net profit for 2023-24 was ₹68.21 crore, primarily from interest income on proceeds from the sale of NINL stake.

• No new business activities or contracts were undertaken during the year.

Financial highlights

• Revenue from operations dropped sharply to ₹5.34 crore from ₹272.55 crore in the previous year.

• Net profit declined to ₹68.21 crore from ₹1,076.07 crore year-over-year, with profit mainly from interest income.

• Total assets stood at ₹3,154.61 crore; equity share capital remained at ₹150 crore.

• No dividend recommended for 2023-24 due to cessation of business and liabilities exceeding available cash.

• Reserves and surplus increased to ₹1,194.62 crore as of March 31, 2024.

Outlook and guidance

• Company awaits formal government decision on closure; no business activities planned for the foreseeable future.

• Exit from JVs and phased reduction of operations continue as per government policy for non-strategic CPSEs.