NALCO business plan envisages more than Rs.2000 crore net profit by 2020
Bhubaneswar, 22/02/2019: “Achievements give motivation and purpose gives objectivity to any organization but to remain sustainable and successful, business organizations need to have insulation from detrimental effects of business environment. One must remain well aware in advance of the changes in technology, statutory regulations and preferences of the customers” said Dr. Tapan Kumar Chand, CMD NALCO, while inaugurating the 2 day long 5 th National management conference (NamCon-2019) on “Weatherproof organization: Challenging the Challenge” here at Asian School of Business Management, today.
Sharing the success story of NALCO, Dr Chand said that when the global economy was reeling under economic slowdown, with the metal sector being affected the worst; NALCO took a conscious decision of introducing an all weather business model that focuses on benchmarking & quantification. With the business model in place, the company doubled its net profit from Rs.669 crore in FY 2016-17 to Rs.1342 crore in FY 2017-18. Now the company is all set to scale higher on financial front and envisages achieving a net profit of more than Rs. 2000 crore by 2020 and Rs.2500 crore in the next three years. Besides, to retain business excellence, the company has consistently been working on with focus on sustainability through innovation, adoption of new technology, lower production cost and nurturing its human resources, added Dr. Chand.
Dr Chand also released the conference compendium and newsletter of ASBM. Among others, Prof. Biswajeet Pattanayak, Founder & Director of ASBM, Prof. Bijay Kumar Sahoo, Senior Associate Vice- Chancellor, Southern University, Louisiana, USA, Shri Vivek Pattanayak, former Director ICAO & former Chairman OPSC and Shri G. Upadhyaya, former CMD, NALCO were notably present on the occasion.