Govt of India rates NALCO Performance Excellent for FY 2017-18
Bhubaneswar, 29/12/2018: With reference to the MoU signed with Ministry of Mines, Government of India, Navratna PSU National Aluminium Company Limited (NALCO) has got ‘Excellent’ MoU ratings by the Inter-Ministerial Committee, Department of Public Enterprises and Cabinet Secretariat for its outstanding performance in 2017-18. The company has scored full marks in most of the parameters mentioned in the MoU.
In the fiscal 2017-18, NALCO had registered more than 100% growth in net profit i.e., Rs. 1342.19 crore against Rs. 669 crore in previous year. During the year, NALCO was the third highest net Foreign Exchange Earning CPSE in the Country. The Net sales turnover for the year was Rs. 9,377 crore (highest ever since inception) registering a growth of 26 % over previous year. Export earning of Rs. 4,076 crore was also the highest ever since inception registering a growth of 12 % over previous fiscal. The company has continued its performance excellence in the first half of the current fiscal as well. NALCO has repeated its strong performance by posting a turnover of Rs.5952 crore in the first half of FY 2018-19, i.e. 42% growth over H1 of FY 2017-18. The net profit of the company has gone up from Rs.364 crore in H1 of the previous fiscal (2017-18) to Rs.1197 crore during the first half of 2018-19, registering a growth of 229%.
Congratulating NALCO Collective for this achievement, Dr. Tapan Kumar Chand, CMD, NALCO, attributed the success to team work, strong cost focus and strategic planning.
Moreover, NALCO’s significant achievements and activities towards Production, Productivity, CSR, CAPEX spending, Sustainable Development and R&D also contributed towards company’s excellent ratings.