National Aluminium Company Limited (NALCO), a Navratna CPSE under the Ministry of Mines, Govt. of India, has announced that its shareholders at its 42nd Annual General Meeting, held today in Bhubaneswar via Virtual mode, approved the company’s Annual Accounts for 2022-23, which show a revenue of Rs.14,171 crore, a net profit of Rs.1,544 crore, and an export revenue of Rs.4,217 crore. In addition, the shareholders authorised a 20% final dividend, or 1 per equity share. It’s worth noting that in FY 22-23, the firm distributed a dividend of Rs. 918.32 crore.
In FY 2022-23, Aluminium giant NALCO dug up more bauxite than ever before, and they turned out 21.23 million tonnes of Alumina Hydrate despite only having 21 million tonnes of capacity.
The firm has also broken records in terms of sales, with 4.64 lakh tonnes of metal sold, which includes the largest domestic metal transaction in the company’s history. The plants are almost 40 years old, yet thanks to regular maintenance and care, they continue to run at or above their maximum capacity.
In his address to the shareholders, Shri Sridhar Patra, CMD of NALCO, expressed gratitude for the confidence of the shareholders and the unwavering support of the NALCO team in achieving record-breaking output and impressive revenue.
Despite NALCO’s growth on multiple fronts in FY 2022-23, Shri Patra said that the company’s profit margins were negatively affected by factors such as higher input cost, business environment volatility, and the dynamics of global demand and supply.
NALCO’s well-thought-out plans for aluminium value chain self-sufficiency have put it in the forefront of efforts to advance our country. It is the world’s most cost-effective producer of bauxite and alumina. According to Shri Patra, the business is currently concentrating on getting the 5th Stream Refinery up and running as soon as possible, as well as developing the Pottangi Bauxite Mines and putting the remaining authorised coal Block in Odisha to use.
NALCO’s outstanding success may be attributed in large part to the unwavering devotion and loyalty of its employees. NALCO’s Chief Operating Officer Shri Patra emphasised the company’s commitment to long-term shareholder value creation and national economic development.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?