National Aluminium Company Limited (Nalco), the Navratna CPSE under the Ministry of Mines, posted a net profit of INR 138.23 crore for FY19-20.
During the year, the company achieved a net turnover of INR 8,426 crore, which has been adversely impacted by about INR 2,900 crore due to a fall in global metal prices.
The export turnover of the company for the fiscal was INR 3,511 crore.
However, weathering the sluggishness in the international metals market and falling London Metal Exchange prices, Nalco has continued to remain profitable by successfully handling the market downturn, a compay release said. Riding on overall growth in production, improving productivity & sales, the company has been registering profit every fiscal since inception.
During the year, the company achieved significant growth in production and sales. Bauxite production of 73.02 lakh MT in mines and 21.61 lakh MT of alumina hydrate in alumina refinery, have been the highest-ever since the company’s inception.
Both mines and refinery of Nalco have been performing beyond their installed capacities. The company also produced 4.18 lakh MT of aluminium metal in FY19-20.
Sridhar Patra, CMD, NALCO, said: “We are optimistic that in the long run, with our focus on increasing the production in mining and refining segments, opening up of the new coal blocks, backward integration in supply of key raw materials like caustic soda, we shall be able to tide over the present economic crisis.”