SPMCIL Records Strong Growth

Under the new leadership of Vijay Ranjan Singh, who was appointed its Managing Director last year, Security Printing & Minting Corporation of India Ltd (SPMCIL) recently released its 2022/23 Annual Report, registering a growth of 20.35% in revenue to Rs 49.18 billion, versus Rs 40.86 billion last year.

The profit before tax (PTB) from continuing operations, meanwhile, increased by over 170%, from Rs 8.63 billion to Rs 8.63 billion. This was due both to an increase in revenue from operations and the writing back of an excess provision of Rs 5.45 billion from the previous year relating to a dispute over VAT, which was settled during the year.

An additional amount of Rs 3.85 billion was received from the Ministry of Finance as an adjustment covering price differences in the rates at which circulating coins were billed in 2018/19 and 2019/2020.