The Business Bytes
TBB BUREAU
BHUBANESWAR, AUG 10, 2021
Union Minister for Mines, Coal and Parliamentary Affairs Pralhad Joshi on Tuesday urged state-owned National Aluminium Company Ltd. (NALCO) to promote handloom by providing hand woven fabrics worth Rs 7,500 to each employee to commemorate the 75th year of the country’s Independence.
The minister was speaking with team NALCO virtually and congratulated the Navaratna CPSE for its performance in FY 2020-21 and in the first quarter of this fiscal.
“I advise NALCO to promote handloom by providing handloom fabrics to each employee worth Rs 7,500 to commemorate 75th Independence Day,” Joshi said in his address.
Joshi said that NALCO has turned the narrative in its favour and stormed back with greater vigour, resilience and determination in FY 2020-21 to take head on the challenges posed by the dynamic business environment and the ongoing COVID pandemic across the globe.
“It gives me a sense of confidence that the sincerity and hard work of all Nalconians will pay better dividend in long run realizing Hon’ble Prime Minister’s dream of “Aatmanirbhar Bharat”. As a responsible corporate citizen, NALCO’s support and extending helping hand at the time of need to fight against COVID also demonstrates its commitment to the nation,” he said.
NALCO achieved a nine-fold increase in profits in FY2020-21 to earn Rs.1300 crore in net profit. The company also posted a net profit of Rs.348 crore in the first quarter of the current fiscal, compared to Rs.17 crore in Q1 of FY2020-21.
Nalco CMD Sridhar Patra, the company’s Directors, representatives of Unions and employees were present at the virtual assembly.
NALCO, a Navaratna CPSE under the Union Ministry of Mines, is India’s leading producer and exporter of alumina and aluminium. The aluminium major has integrated and diversified operations in mining, metal and power.
