NALCO posts 600% growth in net profit at Rs 748cr in Q2 FY 21-22
National Aluminium Company Limited (NALCO) has posted a 600% increase in its net profit of INR 748 crores for Q2 FY 21-22, compared to a net profit of INR 107 crores during the corresponding period of last year.
The Indian government-owned mining company said that this is one of its strongest performances in a decade with net profit surging to INR 1,095 crores at half-yearly stage, a 783% increase compared to INR 124 crores for the corresponding period of the past year.
For the reported quarter, NALCO registered a total income of INR 3,592 crores from its operations, which is a 51% increase compared to the second quarter of FY 20-21, which was at INR 2,375 crores.
The Indian miner reported higher production in the reported quarter on all fronts, including bauxite production, aluminum cast metal production, and alumina hydrate production.
During the quarter, NALCO produced 18.88 lakh tonnes of bauxite, 5.3 lakh tonnes of alumina hydrate, and 1.14 lakh tonnes of metal.
The company reported total metal sales of 1.26 lakh metric tonnes (MT) of aluminum, compared to 0.91 lakh MT in the earlier quarter.
NALCO’s total alumina sales during the reported quarter posted an 11% growth with 3.18 lakh MT, in comparison to 2.86 lakh MT of the corresponding period of last year.
Sridhar Patra — CMD of NALCO said: “I compliment the employees of NALCO for coming back strongly in the aftermath of the Covid pandemic, to deliver strong growth in profits and production. Dedicated efforts of employees in maximizing production has helped NALCO to take advantage of the favourable market conditions.”