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The National Aluminium Company Limited (NALCO), the Navratna Central public sector enterprise under Union Ministry of Mines, reported a net profit of ₹1,544 crore and a highest-ever revenue from operations pegged at ₹14,255 crore for the financial year 2022-23.
Registering robust performance across all its business units, with best-ever annual production and sales during the financial Year 2022-23, NALCO said its net profit for the fourth quarter ended March 2023 was estimated at ₹522 crore against ₹274 crore in the third quarter of last fiscal.
The company said higher input cost coupled with challenging global business environment, supply-demand and market volatility, had impacted its profit margins.
As per the financial results, taken on record in the Board of Directors meeting, NALCO has been able to continue its growth in its journey of business excellence in the Financial Year 2022-23.
“Supported by robust growth across all its business units, the company achieved highest-ever bauxite excavation of 75.51 lakh tonne and production of 21.23 lakh tonne alumina hydrate against normative capacity of 21 lakh tonne, which is 101.1% capacity utilisation,” the company said. Its smelter plant had also achieved full capacity production of 4.6 lakh tonne, with 960 POTs in operation for the second consecutive year.
On sales front, NALCO achieved highest-ever metal sale of 4.64 lakh tonne, which also includes the highest-ever domestic metal sale, says the company statement.
“The results were driven by strengthening operational and sales performance and supported by growth across all business units. The effective utilisation of raw materials and cost saving measures also contributed to the profit margin. We remain optimistic about the future and committed to continuing company’s growth trajectory,” said Sridhar Patra, NALCO CMD.
Mr. Patra said the focus of the company was on early completion of the fifth stream refinery project and development of Potangi Bauxite mines and Utkal D and E coal Blocks in Odisha.
Operationalisation of these mines shall play a pivotal role in offsetting the vulnerability to adverse market conditions, capitalising on emerging opportunities and shall deliver long-term value to our stakeholders, said Mr. Patra.