The Business Bytes
TBB BUREAU
BHUBANESWAR, MAY 24, 2023
Navratna central public sector enterprise National Aluminium Company Limited (NALCO) has reported robust performance across all its business units, with best-ever annual production and sales during the Financial Year 2022-23.
According to the financial results, taken on record in the Board of Directors meeting on Wednesday, the state-run aluminium major has posted a net profit of Rs. 1,544 crore and a highest-ever revenue from operations pegged at Rs.14,255 crore for the Financial Year 2022-23 (FY23).
The net profit for the fourth quarter ended March 2023 came in at Rs 522 crore against Rs. 274 crore in the third quarter of FY23. Notably, the higher input cost coupled with challenging global business environment, supply-demand and market volatility, has impacted NALCO’s profit margins as expected despite the fact that the company has registered considerable growth on several fronts in FY23.
NALCO has been able to continue its growth in its journey of business excellence in the Financial Year 2022-23. Supported by robust growth across all its business units, the company achieved highest-ever bauxite excavation of 75.51 lakh tonnes and production of 21.23 lakh tonnes alumina hydrate against normative capacity of 21.0 lakh tonnes, which is 101.1 per cent of the capacity utilization. Company’s Smelter Plant also achieved full capacity production of 4.6 lakh tonnes, with 960 POTs in operation for the second consecutive year, the company said in a statement.
Similarly, on the sales front, NALCO achieved the highest-ever metal sale of 4.64 lakh tonnes which also includes the highest-ever domestic metal sale.
Commenting on the performance of the company, NALCO Chairman & Managing Director Sridhar Patra said that the results were driven further by strengthening operational and sales performance and supported by growth across all business units. “The effective utilization of raw materials and cost saving measures also contributed to the profit margin. We remain optimistic about the future and committed to continuing the company’s growth trajectory,” he said.
“The focus of the company is now on early completion of the fifth Stream Refinery project and development of Pottangi Bauxite mines and Utkal D & E Coal Blocks in Odisha. Operationalization of these mines shall play a pivotal role in offsetting the vulnerability to adverse market conditions, capitalizing on emerging opportunities and shall deliver long-term value to our stakeholders,” the NALCO CMD said.
