Q3FY23 results: Net profit of NALCO up by 61%

Bhubaneswar: State-owned NALCO has declared its financial results on Friday for the quarter that ended on December 31, 2022, said the company in regulatory filing. The company has achieved net profit of Rs 274 crores, as against Rs 170 crores in the preceding quarter of the current fiscal year, registering a profit of 61 percent. The net sales turnover in the third quarter was Rs 3,290 crores.

The company reported that its revenue from operations has decreased from Rs 3,773.26 crores in FY22 to Rs 3,289.98 crores in FY23. However, its revenue from operation for 9MFY23 is Rs 10,562.87 crores as against Rs 9,839.99 crores in 9MFY22, registering an increase of 7.34 percent.

The company also reported that its PAT decreased from Rs 1,926.29 crores in 9MFY22 to Rs 1,022.61 crores. Its total expenditure also increased from Rs 7,399.32 crores in 9MFY22 to Rs 9,372.62 crores, registering an increase of 26.67 percent.

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"Lower sales volume of alumina during the quarter, higher input costs coupled with global challenging business scenario and volatility has affected the profit margins despite the fact that the company has registered robust growth in production in all fronts," said the company in a statement.

"Operational efficiency and teamwork of NALCO had played a key role in overcoming the slump period. With firming up of aluminium prices globally and higher productions volumes, we are sure that it will certainly add to the profit margins in the coming quarters. We are also hopeful, that the Q4 results will contribute significantly for the overall FY 23 results," said Sridhar Patra, CMD, NALCO.

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