Meja Urja Nigam board approves first dividend of Rs 350 cr for FY25

UP-based Meja Urja Nigam Pvt Ltd (MUNPL) on Wednesday said its board has approved the first interim dividend of Rs 350 crore for the current financial year.

The dividend will be paid in ratio of 50:50 to promoter entities NTPC Ltd and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL) by this week, the company said in a statement.

"The Board of Directors on Tuesday approved the payment of an interim dividend of Rs. 0.96 per ordinary share of Rs 10 each, totalling Rs 350 crore for the current 2024-25 fiscal year," MUNPL said.

CEO Kamlesh Soni said the company is actively pursuing a significant capacity addition of 5600 megawatt (MW).

MUNPL recently inaugurated an ash brick plant to produce 12 lakh environment-friendly ash bricks annually to meet the plant's in-house requirements.

CFO Amit Rautela said,"This is the first interim dividend for the running financial year. It will build the promoters' and all stakeholders confidence in the company, which is a result of the strong financial performance, operational efficiency and consistent growth achieved by MUNPL."

MUNPL reported a revenue of Rs 4,283 crore and a net profit of Rs 348 crore in FY24. The company achieved highest gross commercial generation of 8,276 million units at its 2X660 MW thermal unit at Meja, Uttar Pradesh.