CMD Nalco: Sridhar Patra
After posting consecutive losses in Q2 and Q3, National Aluminium Company (Nalco) has staged a rebound to close FY20 with a net profit of Rs 138.23 crore.
Sridhar Patra who took over as the CMD of Nalco in December 2019 when the navratna producer was in the soup, had led to a phenomenal recovery with a Q4 performance beating street expectations and proving naysayers wrong.
“We are optimistic that in the long run with our focus on increasing the production in mining and refining segments, opening up of the new coal blocks, backward integration in the supply of key raw materials like caustic soda, we shall be able to tide over the present economic crisis”, said Patra.
According to the audited financial results for the year, taken on record by the Board of Directors in a meeting held today, Nalco has posted a net profit of Rs 138.23 crore for FY19-20.
During the year, the company has achieved a net turnover of Rs 8426 crore, which has been adversely impacted by about Rs.2900 crore due to fall in global metal prices.
The export turnover of the company for the fiscal was Rs 3511 crore. However, weathering the sluggishness in the international metal market and falling London Metal Exchange prices, Nalco has continued to remain profitable by successfully handling the market downturn.
Riding on overall growth in production, improving productivity & sales, the company has been registering profit every fiscal since inception. Worth mentioning that during the year, the Navratna CPSE (central public sector enterprise) has achieved significant growth in production and sales.
Bauxite production of 73.02 lakh tonnes in mines and 21.61 lakh tonnes of Alumina Hydrate in alumina refinery have been the highest-ever since the company’s inception.
Both Mines & Refinery of Nalco has been performing beyond its installed capacities. The company also produced 4.18 lakh tonnes of Aluminium metal in FY19-20.