NALCO FY 2020-21 net profit surges by 840% to Rs 13bn
National Aluminium Company Limited (NALCO) has reported a net turnover and net profit of INR 8,869.29 crore and INR 1299.56 crore, respectively for the financial year 2020-21 (FY 2020-21).
For FY 2019-20, the net turnover and net profit of the alumina and aluminium manufacturer were INR 8,425.75 crore and INR 138.23 crore, respectively.
The net profit of the Navratna CPSE for the financial year 2020-21 has surged by 840% compared to the previous financial year. This was due to robust operational performance by its units resulting from effective sales strategy, cost saving steps, and also favourable LME price.
NALCO said that during the year 2020-21, it had registered the highest ever production of bauxite, at 73.65 lakh tonnes. Likewise, it had also reported the highest-ever export of aluminium metal, at 1.92 lakh tonnes in 2020-21, beating the previous record of 1.46 lakh tonnes made in 2009-10.
NALCO FY 2020-21 net profit surges by 840% to Rs 13bn. Photo courtesy of NALCO India.
The Navratna CPSE also reported production of 20.85 lakh tonnes of alumina hydrate and 4.18 lakh tonnes of aluminium metal during FY 2020-21.
Sridhar Patra – CMD of NALCO said: “After the peak period of COVID19 outbreak and with the opening of the markets, we witnessed a significant recovery in the second half of the financial year of 2020-21.
“With further easing of restrictions and resumption of economic activities, we are optimistic for a robust growth in the long run with our focus on increasing the production in mining and refining segments and opening up of the new coal blocks.”