The Business Bytes
TBB BUREAU
BHUBANESWAR, MAY 25, 2022
Showing robust performance across all its business units, state-run National Aluminium Company Ltd (NALCO) on Wednesday reported its best-ever annual production and sales in FY2021-22 (FY22), registering highest ever revenue of Rs14,181 crore from operations and highest ever net profit (PAT) of Rs. 2,952 crore, respectively.
Market dynamics has resulted in multifold increase in turnover and consequent Profit in the fiscal 21-22. The net profit of the navratna CPSE for the financial year 2021-22 jumped by 227 per cent over the immediate preceding financial year (FY21).
During FY22, NALCO achieved bauxite production of 75.11 lakh tonnes from its Captive Bauxite Mines and produced aluminium at its name plate capacity of 4.60 lakh tonnes for the first time since inception, surpassing all previous records, the company said ina statement today.
Commenting on the robust performance, NALCO Chairman-cum-Managing Director Sridhar Patra said that the results were driven by strong operational performance coupled with effective raw material procurement and sales strategy, cost saving measures, supported by positive business outlook, favourable LME price and uptick in global aluminium demand.
Attributing the success to the teamwork and dedication of the employees, Patra further said that the strategic decision with focus on optimizing production and productivity in spite of COVID restrictions has paid dividends. He thanked the senior management team, all employees, unions and associations and all stakeholders for the unstinted support. He further expressed gratitude to the Union Ministry of Mines, and the Government of Odisha for their continuous support, without which this performance could not have been achieved.
