Sunday, Nov 28 2021 | Time 02:03 Hrs(IST)
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Business Economy


NALCO’s Net Profit jumps by 840 percent at Rs 1300 crore during 2020-21

Bhubaneswar, Jun 28 (UNI) National Aluminium Company Limited (NALCO), the Navratna CPSE, under the Ministry of Mines, has posted an impressive net turnover Rs 8869.29 crore and net profit of Rs 1299.56 crore for the Financial Year 2020-21.
According to the audited financial results, taken on record in the Board of Directors meeting held here today the net profit of the company for the financial year 2020-21 has jumped by 840 percent over last financial year
NALCO has posted an impressive net turnover and net profit of Rs.8869.29 crore and Rs.1299.56 crore respectively in FY20-21 compared to Rs.8425.75 crore and Rs.138.23 crore achieved during the previous 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 lakh tonnes. Similarly, the Company also achieved the highest- ever export of 1.92 lakh tonnes of Aluminium metal in 2020-21, surpassing the decade old record of 1.46 lakh tonnes achieved in 2009-10.
The Company also achieved production of 20.85 lakh tonnes of alumina hydrate and 4.18 lakh tonnes of Aluminium metal.
NALCO CMD Sridhar Patra while attributing the success to the teamwork and dedication of the employees said that the company had made exemplary contributions in promoting and putting focus on plant, production, productivity and people.
He said after the peak period of COVID19 outbreak and with the opening of the markets, the company 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,Mr.Patra said “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,”
UNI DP SHK2123
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