Central PSU NALCO surpasses past production records, net profit soars to Rs2060 crore

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Central PSU NALCO surpasses past production records, net profit soars to Rs2060 crore

May 28

00:14 2024

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by indadmin

NALCO’s Q4 net profit almost doubles to Rs 1016 crore, registering 95 % growth Y-o-Y

Performance Highlights

• Highest-ever Cast Metal production of 4,63,428 metric tonnes

• Highest-ever Metal Sale of 4,70,108 metric tonnes

• Highest ever Bauxite Excavation of 76,00,230 metric tonnes

By Nalini Sahu

Bhubaneswar, May 27: Central Navratna public sector unit National Aluminium Company Limited (NALCO), has continued its robust growth trajectory in production and sales during the Financial Year 2023-24.

According to the financial results, taken on record in the Board of Directors meeting held on Monday, NALCO has posted a net profit at Rs 2060 crore, registering a robust increase of 34 percent year-on-year (YoY).

Beating market expectations, the company has also recorded an impressive revenue from operations at Rs.13149 crore for the FY24.

The net profit for the fourth quarter ended March 2024 registered multi-fold increase at Rs 1016 crore against Rs.522 crore which is about 95percent higher as compared to the year-ago period.

Worth mentioning that despite weak prices of metals, market volatility and geopolitical crosswinds, NALCO has been able to register considerable growth in several fronts and in profit margins in FY24.

The Company has been able to continue its growth trajectory supported by robust growth across all its business units. In FY24, the company achieved highest-ever bauxite excavation of 76,00,230 metric tonnes, highest-ever Cast Metal production of 4,63,428 metric tonnes, highest-ever metal sale of 4,70,108 metric tonnes and production of 2 million tonnes of coal in the very first year of operationalization of its Coal Mines.

Appreciating the performance of the Company, Sridhar Patra, CMD, NALCO, said that the company’s growth accelerated in Q4 of FY23-24 and the same is reflected in strong performance and considerable revenue growth.

Attributing the success to the commitment and support of employees and various stakeholders, Patra further pinned hope that with further firming up of the aluminium prices and increase in aluminium demand, NALCO is all set to continue the growth story in future.