Nalco net profit doubles to Rs 1,342 crore

| | BHUBANESWAR | in Bhubaneswar

Navratna public sector unit Nalco has proved its mettle by registering a high in terms of both physical and financial performances in the financial year 2017-18.

According to the audited financial results for 2017-18, taken on record by the Board of Directors in a meeting held here on May 26, during the FY 2017-18, Nalco has registered more than 100 per cent growth i.e., Rs 1,342.19 crore against Rs 669 crore in previous year.

In 4th quarter the company has earned a net profit of Rs  257.06 crore. During the year, Nalco was the third highest net foreign exchange earning CPSE in the country. The net sales turnover for the year is Rs 9,377 crore (highest ever since inception) registering a growth of 26 per cent over last year.

Export earning of Rs 4,076 crore also highest ever since inception registering a growth of 12 per cent over last year.

Nalco CMD Tapan Kumar Chand at a Press conference here on Sunday said, “Year 2017-18 has been a very rewarding year for Nalco on all fronts. We are looking beyond earning just profits. We have improved on all parameters record production, highest sales and turnover.

While focusing on the present, we are ensuring we don’t lose sight of what the future holds. are introducing a game changing business model that will bring additional Rs  935 crore net profit to the company.

Chand cited Angul Aluminium Park as a concrete step for setting up employment ecosystem. He also informed that Nalco is tying up with ALMEX of USA to set up high end value products. The company would also be promoting micro and small industries in downstream through a cash less model of providing aluminium ingot and taking back finished products for marketing by Nalco. Such hand holding by Nalco is bound to make these micro and small industries viable and thereby creating substantial number of employment and warming up business environment in Odisha.

Dr Chand  said the company envisages establishment of a 6 lakh tonne per annum browfield and Greenfield smelters, 1,320MW thermal power plant in Angul and a joint venture company with Midhani for  establishment of a high end aluminium plant  for meeting requirement of defence, aerospace automotive and transport sector.