By Our Correspondent
NEW DELHI/BHUBANESWAR: Union Mines, Coal and Parliamentary Affairs Minister Pralhad Joshi has all his praise for NALCO for achieving 840% profit.
“A Whopping 840% Profit! Congratulations @NALCO_India. Keep achieving new milestones in the run up to meeting domestic demand. Best wishes.#AatmaNirbharBharat@PMOIndia@MinesMinIndia,’’ Union Minister Pralhad Joshi tweeted @JoshiPralhad.
“Profits powered by performance and commitment. Net Profit of NALCO zooms by 840% to Rs. 1300 crore in FY 2020-21. Congratulations Team NALCO. #MyNalcoMyPride @JoshiPralhad @MinesMinIndia,” NALCO tweeted @NALCO_India.
NALCO, the Navratna CPSE, under the Ministry of Mines, GOI and India’s largest integrated manufacturer and exporter of alumina and aluminium, has reported results for the Financial Year 2020-21.
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.8869.29 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 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 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. Further, the Company also achieved production of 20.85 lakh tonnes of alumina hydrate and 4.18 lakh tonnes of Aluminium metal.
Attributing the success to the teamwork and dedication of the employees, Sridhar Patra, CMD, NALCO, said that 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,” he said.
