National Aluminium Company’s (NALCO) net profit for FY18 swelled by more than 100 per cent to Rs 1,342 crore, compared with Rs 669 crore in 2016-17. In Q4 of 2017-18, the company raked in a net profit of Rs 257.06 crore.
During 2017-18, Nalco’s net sales stood at Rs 9377 crore, the navratna company’s highest ever since its inception and marking a growth of 27 percent over the previous fiscal. Nalco also achieved the feat of the third highest foreign exchange PSU grosser for the country at Rs 4076 crore.
Nalco attributed its robust financial performance to being one of the lowest cost producers of alumina making and bauxite mining.
Addressing media persons here, Tapan Kumar Chand, CMD, Nalco, said, “Year 2017-18 has been a very rewarding year for Nalco on all fronts. We are looking beyond earning just profits. We have improved on all parameters – record production, highest sales and turnover. While focusing on the present, we are ensuring we don’t lose sight of what the future holds. We are introducing a game-changing business model that will bring additional Rs 935 crore net profit to the company. The model provides for focusing operation of Utkal-D, end of 2nd quarter of 2019, commissioning of one million tonne of Alumina Refinery, setting up of Wire Rod Mill 3, bringing into stream Caustic Soda Plant, CT Pitch Plant, etc.”
Chand pitched for support to Mother Plant like Nalco for achieving global competitiveness and Mother Plant in turn to promote employment and employability ecosystem. He cited Angul Aluminium Park as a concrete step for setting up employment ecosystem.
He also informed that Nalco is making tie-up with ALMEX of USA to set up high-end value products. Nalco will also be promoting micro & small industries in downstream through a cashless model of providing aluminum ingot and taking back finished products for marketing by the company. Such hand-holding by Nalco is bound to make this micro & small industries viable and thereby creating a substantial employment and warming up the business environment in Odisha.
Nalco’s captive bauxite mines- the North Central block of Panchpatmalli hills in Koraput district, achieved 100 percent capacity utilisation with production of 6.82 million tonnes for the second consecutive year. Its alumina refinery at Damanjodi also operated at its 100 percent normative capacity with an output of 2.1 million tonnes. Nalco which has been logging a consistent rise in metal production also reported its highest ever aluminum output of 0.42 million tonnes, its highest in the past five years.
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