Bhubaneswar: NALCO (National Aluminium Company Limited), a Navratna PSU under the Ministry of Mines, has posted a net profit of Rs 138.23 crore for FY2019-20. In terms of production, NALCO recorded bauxite production of 73.02 lakh MT in mines and 21.61 lakh MT of Alumina Hydrate in alumina refinery, which were the highest-ever since the company's inception. Both mines and refinery of NALCO have been performing beyond its installed capacities. The company also produced 4.18 lakh MT of aluminium metal in FY2019-20. During the year, NALCO has achieved significant growth in production and sales.
During the year, the company has achieved net turnover of Rs 8,426crore, which has been adversely impacted by about Rs 2,900 crore due to fall in global metal prices. The export turnover of the company for the fiscal was Rs 3,511 crore.
However, weathering 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, an official release said. Riding on overall growth in production, improving productivity and sales, the company has been registering profit every fiscal since inception.
NALCO CMD Sridhar Patra attributed the success to the teamwork and dedication of the employees. "We are optimistic that in the long run with our focus on increasing the production in mining and refining segments, opening up of new coal blocks, backward integration in the supply of key raw materials like caustic soda, we shall be able to tide over the present economic crisis," said Patra.
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