The Business Bytes
BHUBANESWAR, MAY 27, 2024 (TBB BUREAU): , a Navratna CPSE, has emerged as a beacon of success in the fiscal year 2024 (FY24), defying market odds andNational Aluminium Company Limited (NALCO) registering remarkable achievements in production and sales.
In the Board of Directors meeting held on Monday, NALCO unveiled its stellar financial results, showcasing a net profit surge of 34 percent year-on-year (YoY), amounting to a robust Rs.2060 crore. Surpassing market expectations, the company also boasted an impressive revenue from operations, tallying up to Rs.13,149 crore for FY24.
The fourth quarter of FY24 witnessed a meteoric rise in net profit, soaring to Rs.1,016 crore, a staggering 95 percent increase compared to the previous year’s figure of Rs.522 crore. These remarkable numbers come amidst challenging market conditions characterized by fluctuating metal prices, geopolitical uncertainties, and market volatilities.
NALCO’s success story in FY24 extends beyond financial metrics. The company achieved several operational milestones, including the highest-ever bauxite excavation of 76,00,230 metric tonnes, record-breaking cast metal production of 4,63,428 metric tonnes, and the highest-ever metal sale of 4,70,108 metric tonnes. Additionally, NALCO successfully commenced coal production, reaching a milestone of 2 million tonnes in the very first year of its coal mines’ operationalization.
Expressing his elation over the company’s performance, NALCO’s Chairman & Managing Director, Sridhar Patra, attributed the success to the unwavering commitment of employees and stakeholders. Patra highlighted the accelerated growth witnessed in the fourth quarter of FY23-24, affirming NALCO’s resilience and adaptability in navigating market challenges.
Looking ahead, Patra expressed optimism about NALCO’s future growth trajectory, anticipating further enhancements in aluminium prices and increased demand.
