NALCO reports impressive net profit at ₹347.73 crore
This is a jump from ₹16.63 crore achieved in the corresponding period of the previous year.
The National Aluminium Company Limited (NALCO), India’s leading producer and exporter of alumina and aluminium, has reported a net profit of ₹347.73 crore in the first quarter of the fiscal — a jump from ₹16.63 crore achieved in the corresponding period of the previous year.
The Navratna Central public sector enterprise under the Union Ministry of Mines said the company’s robust performance beat the market expectations, amidst challenging business environment.
According to the results taken on record at a meeting of the Board of Directors in Bhubaneswar, the company reported revenue from operations of ₹2,474.55 crore, an increase of 79.2% compared to ₹1,380.63 crore achieved in the corresponding quarter of the previous year.
“This is mainly propelled by strong demand, higher volumes, better realisation and effective capacity utilisation of its operational units,” the company said in a statement.
During the quarter, the production of bauxite, alumina and aluminium have been 17.61 lakh tonnes, 5.21 lakh tonnes and 1.14 lakh tonnes respectively, compared to 17.10 lakh tonnes, 4.65 lakh tonnes and 0.98 lakh tonnes respectively in the comparative period of the last fiscal.
NALCO Chairman and Managing Director Sridhar Patra attributed the company’s impressive results to the collective and dedicated team work of the employees.
“In spite of the challenging times in COVID-19 pandemic, NALCO through strategic planning of raw materials, manpower and marketing initiatives, coupled with continued focus on cost optimisation, has been able to steer towards organisational success,” said Mr. Patra.
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