Bhubaneswar: National Aluminium Company Limited (Nalco), the Navratna CPSE, under the Ministry of Mines, Government of India, has reported robust performance across all its business units, with best-ever annual production and sales during the Financial Year 2022-23.
According to the financial results, taken on record in the Board of Directors meeting held today, Nalco has posted a net profit of Rs. 1544 crore and a highest-ever revenue from operations pegged at Rs.14,255 crore for the Financial Year 2022-23.
The net profit for the fourth quarter ended March 2023 came in at Rs 522 crore against Rs. 274 crore in the third quarter of FY 22-23. Worth mentioning that the higher input cost coupled with challenging global business environment, supply-demand and market volatility, has impacted Nalco’s profit margins as expected despite the fact that the company has registered considerable growth in several fronts in FY 2022-23.
Nalco has been able to continue its growth in its journey of business excellence in the Financial Year 2022-23. Supported by robust growth across all its business units, the company achieved Highest-ever Bauxite excavation of 75.51 lakh tonne and production of 21.23 lakh tonne Alumina Hydrate against normative capacity of 21.0 lakh tonne, which is 101.1 % capacity utilization. Company’s Smelter plant had also achieved full capacity production of 4.6 lakh tonne, with 960 POTs in operation for the 2nd consecutive year.
Similarly, on sales front, Nalco achieved Highest-ever metal sale of 4.64 lakh tonne, which also includes the Highest-ever domestic metal sale.
Nalco CMD Sridhar Patra said that the results were driven further by strengthening operational and sales performance and supported by growth across all business units. The effective utilization of raw materials and cost saving measures also contributed to the profit margin. We remain optimistic about the future and committed to continuing company’s growth trajectory, he said.
The focus of the company is now on early completion of the 5th Stream Refinery project and development of Pottangi Bauxite mines and Utkal D & E coal Blocks in Odisha. Operationalization of these mines shall play a pivotal role in offsetting the vulnerability to adverse market conditions, capitalizing on emerging opportunities and shall deliver long-term value to our stakeholders, said Shri Patra.