Nalco records net profit of Rs 138 crore
BHUBANESWAR: Navratna CPSE Nalco has posted a net profit of Rs 138.23 crore for 2019-20 financial year.The aluminum major has achieved net turnover of Rs 8,426 crore, which has been adversely impacted by about Rs 2,900 crore due to fall in global metal prices.
According to the audited financial results for the year, the export turnover of the company for the fiscal was Rs 3,511 crore.Despite the sluggishness in the international metal market and falling London Metal Exchange prices, Nalco has continued to remain profitable by successfully handling the market downturn.
Riding on overall growth in production, improving productivity and sales, the Navratna CPSE has achieved significant growth in production and sales.
Bauxite production of 73.02 lakh tonne in mines and 21.61 lakh tonne of Alumina Hydrate in alumina refinery have been the highest-ever since company’s inception. The company also produced 4.18 lakh tonne of aluminium metal last fiscal.
Nalco CMD Sridhar Patra attributed the success to the teamwork and dedication of the employees. “We are optimistic that we can tide over the present economic crisis with our focus on increasing the production in mining and refining segments besides opening up of new coal blocks and backward integration in supply of key raw materials,” he added.