The Business Bytes
TBB BUREAU
BHUBANESWAR, JUNE 28, 2021
Aluminium major NALCO on Monday said that its net profit recorded a nine-fold jump to Rs.1299.56 crore for the financial year 2020-21. The state-run firm had clocked a net profit of Rs Rs.138.23 crore in the year-ago period.
“National Aluminium Company Limited (NALCO) has posted an impressive net turnover and net profit of Rs.8869.29 crore and Rs.1299.56 crore respectively in FY20-21 compared to Rs.8425.75 crore and Rs.138.23 crore achieved during the previous year. The net profit of the company for the financial year 2020-21 has jumped by 840 percent over the previous fiscal,” the Navratna CPSE said in a statement today.
“The results were driven by strong operational performance by units, with effective sales strategy, cost saving measures, supported by favourable LME price,” it added.
During FY2020-21, NALCO achieved the highest ever production of bauxite at 73.65 lakh tonnes. Similarly, the Company also achieved the highest ever export of 1.92 lakh tonnes of Aluminium metal in the year under review, surpassing the decade old record of 1.46 lakh tonnes achieved in FY2009-10. Further, the Company also achieved production of 20.85 lakh tonnes of alumina hydrate and 4.18 lakh tonnes of Aluminium metal.
Attributing the success to the teamwork and dedication of the employees, NALCO Chairman-cum-Managing Director Sridhar Patra said that the company made exemplary contributions in promoting and putting focus on plant, production, productivity and people.
“After the peak period of COVID-19 outbreak and with the opening of the markets, we witnessed a significant recovery in the second half of the financial year 2020-21. With further easing of restrictions and resumption of economic activities, we are optimistic for a robust growth in the long run with our focus on increasing the production in mining and refining segments and opening up of the new coal blocks,” said Patra.
