NALCO registers 9-fold increase in net profit for FY 2020-21
Bhubaneswar: National Aluminium Company Limited (NALCO), the Navratna CPSE, under the Union Ministry of Mines, and India’s largest integrated manufacturer and exporter of alumina and aluminium, has reported impressive net turnover for the Financial Year 2020-21.
According to the audited financial results, taken on record in the Board of Directors meeting held here on Monday, NALCO has posted net profit of Rs 8,869.29 crore and Rs 1,299.56 crore respectively in FY20-21 compared to Rs 8,425.75 crore and Rs 138.23 crore achieved during the previous year. The net profit of the company for the Financial Year 2020-21 has jumped by 840 per cent over the last financial year. The results were driven by strong operational performance by units, with effective sales strategy, cost saving measures, supported by favourable LME price.
During the year 2020-21, NALCO has achieved the highest ever production of bauxite at 73.65 lakh tonnes. Similarly, the company also achieved the highest-ever export of 1.92 lakh tonnes of Aluminium metal in 2020-21, surpassing the decade-old record of 1.46 lakh tonnes achieved in 2009-10. Further, the company also achieved production of 20.85 lakh tonnes of alumina hydrate and 4.18 lakh tonnes of aluminium metal.
Attributing the success to team work and dedication of the employees, Sridhar Patra, CMD, NALCO, said the company had made exemplary contributions in promoting and putting focus on plant, production, productivity and people. “After the peak period of COVID-19 outbreak and with the opening of the markets, we witnessed a significant recovery in the second half of the financial year of 2020-21. With further easing of restrictions and resumption of economic activities, we are optimistic of a robust growth in the long run with our focus on increasing the production in mining and refining segments and opening up of the new coal blocks,” he said.