Bhubaneswar: Public sector Aluminium giant Nalco has reported 9 fold increase in net profit at Rs.1299.56 crore in the 2020-21 financial year against Rs.138.23 crore in the previous financial year.
According to the audited financial results, taken on record in the Board of Directors meeting held today at Bhubaneswar, NALCO has posted an impressive net turnover and net profit of Rs.8869.29crore and Rs.1299.56 crore respectively in FY20-21 compared to Rs.8425.75 crore and Rs.138.23 crore achieved during the previousyear. The net profit of the company for the financial year 2020-21 has jumped by 840% over last financial year. The results were driven by strong operational performance by units, with effective sales strategy, cost saving measures,supported by favourable LME price.
During the year 2020-21, NALCO has achieved the highest ever production of bauxite at 73.65 lakhtonnes. Similarly, the Company also achieved the highest-ever export of 1.92 lakhtonnes of Aluminium metal in 2020-21, surpassing the decade old record of 1.46 lakhtonnes achieved in2009-10. Further, the Company also achieved production of 20.85 lakh tonnes of alumina hydrate and 4.18 lakh tonnesof Aluminium metal.
“The company had made exemplary contributions in promoting and putting focus on plant, production, productivity and people. After the peak period of COVID19 outbreak and with the opening of the markets, we witnessed a significant recovery in the second half of the financial year of 2020-21.With further easing of restrictions and resumption of economic activities, we are optimistic for a robust growth in the long run with our focus on increasing the production in mining and refining segments and opening up of the new coal blocks,” Sridhar Patra, CMD, NALCO said.