NALCO Kick-starts FY 21-22 on a Strong Footing: Beats Market Expectations
Q1 Net Profit Zooms to Rs. 347.73 cr with Sales Revenue up by 79.2%
Bhubaneswar, 06.08.2021: National Aluminium Company Limited (NALCO), the Navratna CPSE under Ministry of Mines, Govt. of India and country’s leading producer and exporter of alumina and aluminium has kick-started the financial year 2021-22 with robust financial and physical performances. The company has reported impressive results in the 1st quarter ended June 30. The net profit has jumped to Rs.347.73 crore from Rs.16.63 crore achieved in the corresponding period of previous year. Beating market expectations, amidst challenging business environment, the company has demonstrated robust performance across all its business segments.
According to the results taken on record at a meeting of the Board of Directors in Bhubaneswar today, the company has reported revenue from operations of Rs.2474.55 crore, an increase of 79.2% compared to Rs.1380.63 crore achieved in the corresponding quarter of the previous year. This is mainly propelled by strong demand, higher volumes, better realization and effective capacity utilization of its operational units.
On the production front, NALCO has put up an impressive performance. During the quarter, the production of Bauxite, Alumina and Aluminium have been 17.61 Lakh Tonnes, 5.21 Lakh Tonnes and 1.14 Lakh Tonnes respectively, compared to 17.10 Lakh Tonnes, 4.65 Lakh Tonnes and 0.98 Lakh Tonnes respectively in the comparative period of the last fiscal.
Shri Sridhar Patra, CMD, NALCO, attributed the company’s impressive results to the collective and dedicated team work of the employees. “In spite of the challenges imposed due to COVID 19 pandemic, NALCO through strategic planning of raw materials, manpower and marketing initiatives, coupled with continued focus on cost optimization, has been able to steer towards organizational success,” he said. Shri Sridhar Patra, has also conveyed his thankfulness to the Ministry of Mines, Govt. of India and the State Government for the unstinted support extended to the organization.