Subrat Kumar Sarangi
Bhubaneswar (NVI): The National Aluminium Company Limited (NALCO), a Central PSU located in Bhubaneswar, Odisha, earned a net profit of Rs 138.23 crore in financial year 2019-20, successfully handling the market downturn by improving productivity and sales.
NALCO, a Navratna CPSE which comes under Ministry of Mines, despite being adversely impacted by about Rs 2,900 crore due to fall in global metal prices, the company has continued to remain profitable and achieved a net turnover of Rs 8,426 crore.
The export turnover of the company for the fiscal was Rs 3,511crore, according to a statement released by the company.
However, weathering the sluggishness in the international metal market and falling London Metal Exchange prices, NALCO has continued to remain profitable by successfully handling the market downturn.
Riding on overall growth in production, improving productivity and sales, the company has been registering profit every fiscal since inception.
In addition to this, the Navratna CPSE has also achieved significant growth in production and sales.
Furthermore, Bauxite production of 73.02 lakh MT in mines and 21.61 lakh MT of Alumina Hydrate in alumina refinery, have been the highest-ever since company’s inception.
Both mines and refinery of NALCO has been performing beyond its installed capacities. The company also produced 4.18 lakh MT of Aluminium metal in FY19-20.
Sridhar Patra, CMD, NALCO, has attributed the success to the teamwork and dedication of the employees.
“We are optimistic that in the long run with our focus on increasing the production in mining and refining segments, opening up of the new coal blocks, backward integration in supply of key raw materials like caustic soda, we shall be able to tide over present economic crisis,” Patra said.