Indian mining firm NALCO records stellar 137% profit growth in Q3 FY24
In a significant financial milestone, National Aluminium Company Limited (NALCO), a Navratna Public Sector Undertaking under the Ministry of Mines, Government of India, and a leading manufacturer and exporter of alumina and aluminium, has announced a substantial net profit of Rs. 488 crores for the third quarter ended December 2023. This figure represents a remarkable 137% increase over the net profit of Rs. 206 crores recorded in the previous quarter of the current fiscal year. The announcement came following a board meeting held in Bhubaneswar, where the reviewed financial results for the quarter were taken on record.
The company’s net profit for the nine months ending December 2023 stood at Rs. 1044 crore, slightly up from Rs. 1023 crore in the corresponding period last year. Total income for the third quarter of FY24 was reported at Rs. 3398 crores, compared to Rs. 3358 crores in Q3 of FY23, showcasing steady growth. On the production front, NALCO achieved record-breaking success with the highest ever cumulative metal production of 3,45,086 metric tons. Similarly, the company also reported the highest ever cumulative metal sale of 3,49,419 metric tons during the first nine months of the current fiscal year.
In addition to its impressive financial performance, NALCO has announced a second interim dividend of Rs. 2 per share for the financial year 2023-24, signaling strong returns for its shareholders.
NALCO Announces Second Interim Dividend Following a Remarkable Performance in Q3 FY24
The company’s outstanding performance in Q3 FY24 is attributed to strategic operational efficiencies and robust market demand. These results underscore NALCO’s commitment to enhancing shareholder value and its pivotal role in India’s aluminium industry. The record-breaking production and sales figures further establish NALCO as a key player in the global aluminium market.
As NALCO continues to excel in its operational and financial objectives, industry observers and stakeholders are keenly watching its strategies for sustainable growth and market expansion. The company’s ability to navigate the challenges of the global market while maintaining profitability and operational excellence speaks volumes about its resilience and strategic planning.
In summary, National Aluminium Company Limited’s remarkable performance in the third quarter of FY24 not only highlights its financial strength but also its significant contribution to India’s mining and metals sector. With its latest financial results, NALCO sets a new benchmark for public sector undertakings in India, demonstrating the potential for growth and efficiency in the industry.
The impressive growth in NALCO’s net profit for Q3 FY24 is indicative of the company’s strong operational capabilities and its ability to capitalize on market opportunities. The strategic focus on increasing production and sales volumes has clearly paid off, setting a positive trajectory for the company’s future. Moreover, the announcement of the second interim dividend reflects NALCO’s confidence in its financial stability and commitment to rewarding its shareholders. As the company moves forward, maintaining this momentum will be crucial for sustained growth and market leadership in the alumina and aluminium sector.