The Business Bytes
NALCO setting new milestones with record-breaking achievements: CMD
Bhubaneswar, September 27, 2024 (TBB Bureau): With a clear strategy aligned with national priorities and global trends, the future looks bright for Navratna CPSE National Aluminium Company Limited (NALCO) as it aims to bolster India’s industrial prowess and economic resilience. Reaffirming the company’s vision, NALCO Chairman-cum-Managing Director Sridhar Patra said that the state-run aluminium major is poised to grow with purpose and deliver with passion.
“We are poised to grow with purpose and deliver with passion, striving to make NALCO a globally sought-after name in the Alumina and Aluminium sector,” said Patra while addressing the 43rd Annual General Meeting of the Company on Friday.
“Our commitment to Atmanirbhar Bharat and Viksit Bharat continues to drive us forward,” Patra said, outlining ongoing and future growth projects, including the operationalization of additional coal blocks in Odisha.
Shareholders approved the company’s annual accounts for the fiscal year 2023-24, showcasing a robust sales turnover of Rs. 13,149 crore and a net profit of Rs. 2,060 crore. Notably, the company recorded an export turnover of Rs. 4,275.73 crore.
In a testament to its commitment to shareholders, NALCO announced a final dividend of Rs. 2 per equity share, totalling Rs. 367.33 crore for FY 2023-24. This brings the total dividend for the year to Rs. 918.32 crore, constituting an impressive 45 per cent of the profit after tax.
CMD Patra highlighted several record-breaking achievements for the fiscal year 2023-24. The company achieved its highest-ever bauxite excavation and produced 21.24 lakh tonnes of Alumina Hydrate, surpassing 100 per cent capacity utilization. Sales reached unprecedented levels, with 4.70 lakh tonnes of metal sold and the Aluminium Smelter plant producing 4.63 lakh MT of cast metal in FY24.
NALCO also successfully operationalized its Utkal D coal block, reaching peak production of 2 million tonnes of coal. With the operationalization of Utkal D & E and the signing of a lease agreement for the Pottangi Bauxite mines, NALCO has secured its energy and raw material needs for the next three decades.
Addressing shareholders, Patra expressed gratitude for the unwavering support and trust from the NALCO team and stakeholders. He acknowledged challenges stemming from the global economic landscape and fluctuating commodity prices but emphasized that these hurdles also present opportunities for growth and innovation.
