BHUBANESWAR: National Aluminium Company (NALCO) has targeted a revenue of Rs 9,350 crore from operations in 2018-19, according to a MoU signed between the company and the Ministry of Mines for the current financial year. The revenue target for this year is 15 per cent higher than the previous year.
As per the MoU, NALCO aims to achieve 100 per cent targets for production of alumina with volumes fixed at 2.1 million tonne. The target for aluminium production has been set at 4.15 lakh tonne in FY19 as compared to the year-ago period.
These targets are an all-time high for NALCO and are expected to push the profitability of the company despite an increase in expenses on account of power and fuel oil.
As part of improvement in production efficiency, the company has also set a target of reduction in net carbon consumption.
The state-owned aluminium major has also set a capital expenditure (capex) target of Rs 1,100 crore. These expenses will be on a number of projects including the one million tonne capacity fifth stream in its refinery, development of Utkal D and E coal blocks, wind power projects, joint venture projects and on modernisation and upgradation of plant equipment.
In a related move on the human resource front, target is also set for assessment of employees through People Capability Maturity Model and implementation of online human resource management system. The targets will enable the company to synchronise its workforce and skill set in line with the new corporate plan, the company said in a statement.
The MoU has been drawn up in line with the guidelines of the Department of Public Enterprise and finalised after discussions with both Inter-Ministerial Committee as well as Ministry of Mines. It was signed by Anil Gopishankar Mukim, Secretary, Ministry of Mines, and Tapan Kumar Chand, chairman of NALCO in New Delhi on Monday.