Tuesday, October 4, 2022

Nalco registers highest-ever profit of Rs 2,952 crore in FY’22

NALCO has registered the highest-ever sales of Rs 14,181 crore and a record profit of Rs 2,952 crore in 2021-22

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New Delhi: National Aluminium Company Ltd (Nalco) has registered the highest-ever sales of Rs 14,181 crore and a record profit of Rs 2,952 crore in the 2021-22 financial year (FY’22), an official said on Friday. The Odisha-based public sector undertaking has also reported record production of aluminium cast metal of 4,60,000 tonne, achieving 100 percent capacity utilisation of its plant for the first time since inception, he said.

Addressing shareholders in the company’s annual general meeting on Thursday, Nalco CMD Sridhar Patra said the 2021-22 fiscal was a historic year in the journey of the aluminium maker, and the “spectacular results are a testimony to the extraordinary attitude” demonstrated by all the employees, despite the pandemic-induced adversity.

Despite inflationary pressure on various inputs, coal crisis, and uncertainty in LME (London Metal Exchange) prices, the company has been able to maintain the status of being the lowest cost producer of bauxite and alumina in the world, he said.

A final dividend of 130 per cent, which is Rs 1.50 per equity share, was also approved.

Its mines and refinery complex at Damanjodi reported the highest-ever bauxite production, registering a benchmark volume of 75,11,075 mt, the official said.

Nalco Q1Fy23: A rise of 61% in net profit to Rs 558 crore

Patra stated that the company is hopeful of operationalising the Utkal-D coal block in the 2022-23 financial year, which will help reduce stress on fuel supply.

Speaking on the commissioning of the caustic soda plant under a joint venture with Gujarat Alkalies and Chemicals Ltd, he said, The first consignment of caustic soda has been received at alumina refinery and the operationalisation of the facility will further strengthen the raw material security.

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