Nalco posts 272 per cent growth in net profit
BHUBANESWAR: National Aluminium Company (Nalco) Limited, a Navratna CPSE has surpassed several milestones in its journey of business excellence during the 2021-22 financial year. Showing robust performance across all its business units, the company has posted its best-ever annual production and sales registering the highest ever revenue from operations and highest-ever net profit of Rs 14,181 crore and Rs 2,952 crore respectively.
The net profit of the company for the financial year 2021-22 has jumped by 227 per cent (pc) over the preceding financial year. Company sources said market dynamics has resulted in a multi-fold increase in turnover and consequent profit in the fiscal.
The aluminium major has achieved bauxite production of 75.11 lakh tonne from its captive bauxite mines and produced aluminium of 4.6 lakh tonne during the 2021-22 fiscal for the first time since inception, surpassing all previous records.
The company had achieved the maximum production of 73.65 lakh tonne bauxite in 2020-21 while the export was 1.92 lakh tonne of aluminium metal surpassing the decade-old record of 1.46 lakh tonne in 2009-10.
The company has reported 9.5 pc rise in consolidated profit at Rs 1025.46 crore for the quarter ended March 2022. The profit was Rs 935.74 crore during the same period last fiscal. The consolidated income has jumped to Rs 4492.1 crore from Rs 2874.47 crore a year ago.
Chairman cum Managing Director of Nalco, Sridhar Patra said the results were driven by strong operational performance coupled with effective raw material procurement and sales strategy. He attributed the success to the teamwork and dedication of the employees.