Nine-Fold Increase In Net Profit Of Bhubaneswar-Based NALCO
Bhubaneswar: National Aluminium Company Limited (NALCO), India’s largest integrated manufacturer and exporter of alumina and aluminium, reported a nine-fold increase in net profit for the Financial Year 2020-21.
According to audited financial results, recorded at the Board of Directors’ meeting in Bhubaneswar on Monday, the Navratna CPSE under the Union Ministry of Mines NALCO posted an impressive net turnover and net profit of Rs 8869.29 crore and Rs 1299.56 crore, respectively, in FY20-21 compared to Rs 8425.75 crore and Rs 138.23 crore during the previous year.
That’s a whopping 840% jump in net profit of the Bhubaneswar-headquartered company.
NALCO achieved the highest-ever production of bauxite at 73.65 lakh tonnes in 2020-21, according to a company press release.
Similarly, the company also achieved the maximum quantity of export of 1.92 lakh tonnes of aluminium metal during the year, surpassing the record of 1.46 lakh tonnes achieved in 2009-10.
The company also produced 20.85 lakh tonnes of alumina hydrate and 4.18 lakh tonnes of aluminium metal.
NALCO CMD Sridhar Patra attributed the success to teamwork and dedication of employees.
“After the peak period of COVID-19 outbreak and with the opening of markets, we witnessed a significant recovery in the second half of the financial year 2020-21. With further easing of restrictions and resumption of economic activities, we are optimistic for 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,” Patra said.