NALCO registers 171% growth in net profit till Dec 2017

Speed Post News Network

New Delhi : National Aluminium Company Limited (NALCO), a Navratna PSU under Ministry of Mines, Government of India (GOI) and country’s leading manufacturer and exporter of alumina and aluminium, has declared its financial results for up to 3^rd quarter ending December 2017.

According to the reviewed financial results for the 3^rdquarter of the financial year 2017-18 taken on record by the Board at its meeting held at Bhubaneswar on February 10, 2018,  NALCO has achieved a record net profit of Rs 722 crore (growth of 207%) as against Rs 235 crore in the preceding quarter and Rs 144 crore in the corresponding quarter of previous fiscal. The net sales in the 3^rdQuarter was Rs 2,360 crore. With this, the company has been able to break the highest-ever netprofit figures in a quarter during the last ten years, according to aPIB release.

Similarly, the net profit for the 9 months ending December 2017 works out to Rs 1,085 crore (growth of 171%) against the corresponding figure of Rs 400 crore for the previous fiscal. The net sales for the 9 months of the fiscal are Rs 6,538 crore compared to Rs 5,071 crore in the corresponding period of the last financial year. NALCO has also achieved record growth in production on all fronts. During the first nine months of the current fiscal, NALCO achieved production of 54.40 lakh tonnes of bauxite compared to 53.23 lakh tonnes achieved during the comparable period of the previous fiscal.

“With robust monetary policy of the Government and demand-supply dynamics brightening aided by growth in the construction and power sectors, pick-up in the automobile segmentas well as firming up of aluminium prices globally, we hope to post similar results in the next mandate,” said Tapan Kumar Chand, CMD, NALCO.

It may be noted that the company has recently released its ‘Corporate Plan – 2032’ wherein it envisages to reach a turnover of Rs 18,171 crore by 2024 and Rs 31,248 crore by 2032.