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NALCO scripts turnaround story; Report Profits of Rs 240 crore in Q3FY21
NALCO scripts turnaround story; Report Profits of Rs 240 crore in Q3FY21
National Aluminium Company Limited (NALCO) on Friday, February 12, 2021, reported a consolidated profit of Rs 239.71 crore for the third quarter...
National Aluminium Company Limited (NALCO) on Friday, February 12, 2021, reported a consolidated profit of Rs 239.71 crore for the third quarter (Q3FY21) ended December 31, 2020. The Navratna PSU, under Ministry of Mines, Government of India and country's leading manufacturer and exporter of alumina and aluminium, had posted a consolidated loss of Rs 33.90 crore in the corresponding quarter last year. Sequentially, the alumina manufacturer has posted a profit of Rs 107.27 crore.
The company's consolidated revenue from operations grew 13.9 per cent to Rs 2,378.79 crore in the quarter under consideration compared to Rs 2,088.35 crore in Q3FY20.
On the sales front, the net sales of alumina hydrate for Q3 of FY21 was 3.44 lakh tonnes compared to 3.33 lakh tonnes achieved in the corresponding period of last year. Aluminium export also registered impressive growth, with a sales volume of 1.38 lakh tonnes during the first nine months of FY21 as compared to 0.50 lakh tonnes during the same period of FY20.
On the production front, the Company achieved strong growth in Q3 of FY21, with Bauxite production of 19.34 lakh tonnes, Alumina hydrate production of 5.55 lakh tonnes while metal production achieved was 1.02 lakh tonnes.
During the first nine months of the current fiscal, NALCO achieved production of 53.48 lakh tonnes of bauxite, 15.07 lakh tonnes of alumina hydrate while metal production was 3.06 lakh tonnes.
Mr Sridhar Patra, CMD, NALCO, said, ''NALCO has shown overall growth and resilience to script a turnaround after the peak period of COVID19 outbreak. The employees and workers delivered when it mattered under challenging circumstances. The Company is geared up to meet the increase in demand with the gradual opening up of the market and the economy. The Company is also focused on operationalizing the ongoing projects, viz. Utkal-D Coal block, 5th Stream Alumina Refinery & Caustic Soda JV projects etc., which will substantially bolster the bottom line of the Company.''
Shares of NALCO fell 3.55 per cent at Rs 48.90 on NSE. NALCO is a Navratna group 'A' CPSE having integrated and diversified operations in mining, metal and power under Ministry of Mines, Government of India. As of December 31, 2020, the Government of India held 51.5 per cent equity of NALCO.
