By Bizodisha Bureau, Bhubaneswar, February 9, 2018: National Aluminium Company’s (Nalco) has notched up record net profit of Rs 722 crore for the October-December quarter registering a growth of 207% as against Rs.235 crore in the preceding quarter and Rs. 144 crore in the corresponding quarter of previous fiscal.

The blue chip government of India managed public sector unit attribute operational efficiency, cost reduction, strategic management decisions and teamwork for achieving the record profit.

The company’s strong performance after the rollout of Goods & Services Tax (GST) came on the back of its strategy to ramp up production during a downturn, focus on cost reduction and buoyant market conditions led by favourable alumina and aluminium prices.

“With robust monetary policy of the Government and demand-supply dynamics brightening, aided by growth in the construction and power sectors, pick-up in the automobile segment as well as firming up of aluminium prices globally, we hope to post similar results in the next mandate,” said Tapan Kumar Chand, chairman and managing director, Nalco.

The reviewed financial result for the 3rd quarter of the current fiscal was taken on record by the Board in the meeting held here on Friday.

Nalco’s net sales during October-December were Rs 2,360 crore. With this, the company has been able to break the highest-ever net profit figures in a quarter during the last ten years, the company said in a statement.

The net sales for the nine months ended December 2017 are Rs 6,538 crore as compared to Rs 5,071 crore in the corresponding period of the last financial year. Similarly, the net profit for the nine months is pegged at Rs 1,085 crore – an impressive growth of 171%, against Rs 400 crore during the corresponding period in the previous fiscal.

In this period, Nalco mined 5.44 million tonnes of bauxite, as compared to 5.32 million tonnes achieved during the comparable period of the previous fiscal while its alumina hydrate production stood at 1.55 million.

The Navratna Company produced 317,000 lakh tonnes of aluminium against 286,000 tonnes during the comparable nine months, marking a growth of 11 per cent.

The Company envisages to reach a turnover of Rs.18,171 crore by 2024 and Rs.31,248 crore by 2032as per its ‘Corporate Plan – 2032’ released recently.

The metal major is adding 0.5 million ton per annum (MTPA) capacity to its existing smelter, one MTPA capacity in its Alumina Refinery, development of Utkal D&E Coal Blocks, development of Pottangi Bauxite Mines, Angul Aluminium Park, 2.7 Lakh TPA Caustic Soda Plant in JV with GACL, Coal Tar Distillation Plant in JV with NINL, 1320 MW Greenfield Thermal Power Plant in Odisha, Overseas acquisition, exploration & processing of strategic minerals through Khanij Bidesh India Ltd. (KABIL), a Joint Venture Company of NALCO, HCL & MECL and High end Aluminium Alloy Plant in Joint Venture with MIDHANI.