The Business Bytes
TBB BUREAU
BHUBANESWAR, SEPT 21, 2023
Navratna CPSE National Aluminium Company Limited (NALCO) registered the highest-ever metal sale of 4.64 lakh tonnes which also included the highest-ever domestic metal sale in the financial year 2022-23 (FY23).
Though the plants have become more than 40 years old, they have operated beyond 100 percent rated capacity because of proper upkeep and maintenance, the company said during the 42nd Annual General Meeting held here on Thursday through virtual mode.
The aluminium major recorded sales turnover of Rs.14,171 crore, net profit of Rs.1,544 crore and an export turnover of Rs.4,217 crore, during the fiscal (FY2022-23) under review.
During the AGM, the NALCO shareholders approved a final dividend of 20 per cent i.e. Rs 1 per equity share. Notably, earlier the company had paid a dividend of Rs. 918.32 crore during FY 22-23.
In FY 2022-23, the Aluminium major NALCO achieved highest-ever Bauxite excavation and produced 21.23 lakh tonne Alumina Hydrate against the normative capacity of 21 lakh tonne – which is 101.1 percent capacity utilisation.
Addressing the shareholders on the occasion, NALCO Chairman & Managing Director Sridhar Patra appreciated the trust of shareholders and unstinting support of NALCO collective for achieving highest ever production and noteworthy revenue figures.
The NALCO CMD further said that the higher input cost, volatility in business environment as well as dynamics of global demand-supply has impacted NALCO’s profit margins in spite of the fact that the company has registered growth in several fronts in FY 2022-23.
“NALCO has always been in the forefront in partnering the progress of our nation with its well-planned strategies for self-sufficiency in the aluminium value chain. It holds the crown of being the lowest cost producer of Bauxite & Alumina in the world. The focus of the company is now on early completion of the 5th Stream Refinery project and development of Pottangi Bauxite Mines and operationalization of the remaining allotted coal Block in Odisha,” said Patra.
NALCO’s workforce exhibited exemplary dedication and sense of commitment which helped the aluminium major in achieving extraordinary performance. “We aim at ensuring a sustainable business that contributes to overall progress of the country and inclusive growth of the society and delivers long-term value to our stakeholders,” added Patra.
