National Aluminium Company Limited (NALCO), the Navratna PSU, under Ministry of Mines, Govt. of India and country’s leading manufacturer and exporter of alumina and aluminium,has declared its financial results for & upto 3rd quarter ended December 2017.
According to the reviewed financial results for the 3rd quarter of the financial year 2017-18 taken on record by the Board in the meeting held at Bhubaneswar today, NALCO has achieved a record net profit of Rs. 722 crore (growth of 207%),as against Rs. 235 crore in the preceding quarter and Rs. 144 crore in the corresponding quarter of previous fiscal. The net sales in the 3rd Quarter was Rs. 2,360 crore. With this, the company has been able to break the highest-ever net profit figures in a quarter during the last ten years.
Similarly, the net profit for the 9 months ended December 2017 works out to Rs.1085 crore (growth of 171%), against the corresponding figure of Rs. 400 crore for the previous fiscal. The net sales for the 9 months of the fiscal are Rs. 6,538 crore as compared to Rs. 5,071 crore in the corresponding period of the last financial year.
Operational efficiency, cost reduction, strategic management decisions and team work of NALCO played a key role in achieving the record profit.
“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 segmentas well as firming up of aluminium prices globally, we hope to post similar results in the next mandate,” said Dr. Tapan Kumar Chand, CMD, NALCO.
Worth mentioning that the company is vigorously pursuing its plans for addition of 0.5 MTPA capacity to its existing Smelter, 1MTPA capacity in its Alumina Refinery, Development of Utkal D&E Coal Blocks, Development of Pottangi Bauxite Mines, Angul Aluminium Park, 2.7 Lakh TPA Caustic Soda Plant in JV with GACL, Coal Tar Distillation Plant in JV with NINL, 1,320 MW Greenfield Thermal Power Plant in Odisha, Overseas acquisition, exploration & processing of strategic minerals through KhanijBidesh India Ltd. (KABIL), a Joint Venture Company of NALCO, HCL & MECL and High end Aluminium Alloy Plant in Joint Venture with MIDHANI.
-Pic courtesy: NALCO