National Aluminium Company (Nalco) posted an unusual 400 per cent spike in its net profit in the October-December quarter of this fiscal amid rising commodities prices globally.
The company’s net profit rose sharply from Rs 144 crore to Rs 722 crore, making Nalco post its best ever net profit figures in a decade. The staggering growth in net profit came on the back of operational efficiency, cost reduction and strategic management decisions.
Nalco’s net sales in the quarter under review was Rs 2360 crore.
Nalco’s CMD TK Chand said, “With robust monetary policy of the Government and demand-supply dynamics brightening, aided by growth in the construction and power sectors, pick-up in the automobile segment as well as firming up of aluminium prices globally, we hope to post similar results in the next mandate.”
For the April-December period, Nalco turned in a net profit of Rs 1085 crore, a spurt of 171 per cent over Rs 400 crore in the comparable period of previous fiscal. Net sales in this period rose from Rs 5071 crore to Rs 6538 crore, thus growing 29 per cent. On the production front too, Nalco achieved record growth during this period. It produced 5.4 million tonnes of bauxite compared to 5.32 million tonnes in the corresponding period of FY17. Nalco’s alumina hydrate production stood at 1.55 million tonnes, a tad higher than 1.52 million tonnes. The company’s metal production was up 11 per cent, rising from 286,000 tonnes to 317,000 tonnes.
Nalco is vigorously pursuing its plans for addition of 0.5 million tonne per annum (mtpa) capacity to its existing Angul smelter, one mtpa capacity in its alumina refinery at Damanjodi, development of Utkal D&E coal blocks, development of Pottangi bauxite mines, Angul aluminium park and 270,000 tpa caustic soda plant in joint venture (JV) with Gujarat Alkalies & Chemicals Ltd (GACL).
Separately, the aluminium major is pursuing coal tar distillation Plant in JV with Neelachal Ispat Nigam Ltd (NINL), 1320 Mw greenfield thermal power plant in Odisha, overseas acquisition, exploration & processing of strategic minerals through Khanij Bidesh India Ltd (KABIL), a JV company of Nalco, Hindustan Copper Ltd (HCL) & Mineral Exploration Corporation Ltd (MECL) and high end aluminium alloy plant in JV with Mishra Dhatu Nigam Ltd (Midhani).
Leave a Reply