By Our Correspondent
NEW DELHI/BHUBANESWAR: Union Mines, Coal and Parliamentary Affairs , Minister Pralhad Joshi on Saturday lauded Navaratna , NALCO, headquarters in Bhubaneswar in Odisha, after the Mines Ministry CPSE registered exceptional financial performance.
“Spectacular performance indeed, @NALCO_India! Keep up the growth momentum and achieve India’s true #MineralPotential,” Union Minister Pralhad Joshi tweeted @JoshiPralhad.
“A spectacular turnaround by NALCO in Q1 FY22 to clock Rs. 331 cr jump in Net Profit over the corresponding period of Q1 FY21. Congratulations to the leadership and employees of NALCO for this impressive performance. #NALCOResults @JoshiPralhad @MinesMinIndia,” NALCO tweeted @NALCO_India.
Meanwhile, Union Mines Ministry in statement said, NALCO, has began the financial year 2021-22 with robust financial and physical performances. The net profit in the first quarter ended 30th June has jumped to Rs.347.73 crore from Rs.16.63 crore achieved in the corresponding period of the previous year. Beating market expectations and amidst challenging business environment, the company has demonstrated remarkable performance across all its business segments.
The company has reported revenue from operations of Rs.2474.55 crore, an increase of 79.2% YoY. This performance is mainly propelled by strong demand, higher volumes, better realization and effective capacity utilization of its operational units.
On the production front, NALCO has put up an impressive performance. Production of bauxite in mines, alumina in refinery and aluminium in smelter plant have exceeded the respective figures achieved during the first quarter of the last financial year.
The Board of Hindustan Copper Ltd. (HCL), in its meeting held today in Kolkata, has approved the financial results of the first quarter of Financial Year 2021-22. The Company has posted Profit Before Tax of Rs 61.34 crore during the first quarter this year compared to Rs 24.79 crore in the corresponding period of the previous year, registering an increase of 147 per cent.
Hindustan Copper Limited (HCL) is a Public Sector Undertaking under the Ministry of Mines. Incorporated in November 1967, HCL is a ‘Miniratna- Category I” Company with five manufacturing units. It has the distinction of being the nation’s only vertically integrated company encompassing facilities of mining, beneficiation, smelting, refining and casting of refined Copper metal.
