The Business Bytes
TBB BUREAU
BHUBANESWAR, SEPT 22, 2022
Notwithstanding pandemic induced adversities, Navratna CPSE National Aluminium Company Limited (NALCO) achieved many new milestones in the financial year 2021-22 (FY22), said a senior executive of the Company.
Addressing the shareholders during the 41st Annual General Meeting on Thursday, NALCO Chairman & Managing Director Sridhar Patra said that FY 2021-22 was a historic year in the journey of business excellence of NALCO. Apart from higher benchmarks in physical and financial performances, the Bhubaneswar-headquartered Aluminium major has achieved unprecedented milestones, breaking several past records since the inception of the Company.
In FY 2021-22, NALCO reported the highest-ever Aluminium cast metal production of 4,60,000 tonnes by operationalizing all its 960 pots at its Smelter Plant, resulting in 100 per cent capacity utilisation for the first time since inception. Similarly, the Mines & Refinery Complex at Damanjodi reported the highest-ever bauxite production, registering a benchmark volume of 75,11,075 MT, informed the CMD.
NALCO also registered a sales turnover of Rs 14,181crore, and highest ever Profit after Tax (PAT) of Rs. 2,952 crore in FY 22, he added.
“The spectacular results are a testimony to the extraordinary attitude demonstrated by the NALCO collective in the face of pandemic induced adversity. Despite inflation in various input costs, coal crisis, and uncertainty in LME prices, the Company has been able to maintain the status of being the lowest cost producer of Bauxite and Alumina in the World”, said Patra.
Speaking about the future plans of the Company, CMD Patra said that NALCO is hopeful for operationalization of Utkal-D Coal Block in FY 2022-23 which will help ease out the coal crisis, which the company is facing at present; and provide energy security to the high-power intensive Smelter plant.
Informing regarding the commissioning and operationalizing the Caustic Soda plant under Joint Venture mode with Gujarat Alkalies and Chemicals Ltd., Patra said, “The first consignment of Caustic Soda has been received at Alumina Refinery and the operationalisation of Caustic Soda plant will further strengthen the much needed raw material securitization of a prime raw material for our Refinery.”
During the AGM, the Board of Directors approved the Annual Accounts for FY22.
Final dividend of 30 per cent i.e. Rs.1.50 per equity share, recommended by the Board, was also approved in the AGM. The interim dividend declared and paid and the final dividend approved today, totaling 130 per cent of paid-up equity share capital is the highest ever since inception, the Company said.
