After a robust performance last year, integated copper major Hindustan Copper Ltd Thursday said it is aspiring to achieve a capex target of Rs 1100-1200 crore in 2019-20, around double the figure of FY'18.
The PSU's total capex in the last fiscal was Rs 592.43 crore. The interest outgo in the March 2019 quarter shot up to Rs 17.10 crore against Rs 6.91 crore registered in Q4 FY'18.
"We have a stated commitment of Rs 600 crore for the year but we are setting an optimistic internal target of Rs 1100-1200 crore. This can be achieved if all the proposed projects get rolling," Hind Copper chairman and managing director Santosh Sharma said on Thursday.
The projects proposed to be implemented during the year included reopening of Rakha mine and starting Chapri- Sidheswar mine at Ghatsila. The company was also targeting to secure new mining leases.
"The flagship Malanjkhand underground mine project is progressing as per schedule. Bids for Malanjkhand and Chapri mines had been received and will be finalised shortly," Sharma said.
The company's copper ore production was expected to rise 25 per cent to 51.5 million tonne in the current fiscal.
Hind Copper said the copper tailing project will be operational in the next 5-6 months.
Sharma said the company has set a revenue target of Rs 2,000 crore for FY'20, which is around 9 per cent higher over the 2018-19 revenue.
Meanwhile, in Q4 FY'19, the net profit of the company rose 84 per cent to Rs 40.37 crore against Rs 21.92 crore registered in the same period last year.
The company's revenue from operations was Rs 454.77 crore during the quarter as against Rs 381.52 crore in the corresponding quarter of the previous year.
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