Bhubaneswar, 12th September 2016 (OdishaLIVE Bureau): National Aluminum Company Limited (Nalco), a Navratna PSU of Ministry of Mines, Govt. of India, has announced the results for the 1st quarter ended June, 2016.
According to the reviewed financial results for the first three months of the financial year 2016-17, taken on record by the Board of Directors in a meeting held in Bhubaneswar on Monday, Nalco has registered a net profit of Rs.135 crore, compared to Rs.174 crore during the corresponding period of previous fiscal.
Nalco has achieved remarkable growth in production in all fronts. During the quarter, the quantum of bauxite production was 17.04 lakh tonnes, which is about 46% higher than 11.64 lakh tonnes produced in the corresponding period of previous year. Alumina hydrate production was 5.24 lakh tonnes, i.e. 35% higher as compared to 3.88 lakh tonnes during the corresponding period of last fiscal. During the quarter, the company produced 94,496 tonnes of aluminum, which is about 10% higher than 85,722 tonnes produced in the 1st quarter of previous financial year. The net power generated during the quarter was 1489 million units. This has gone up by around 10%, against 1358 million units generated in the corresponding period of last year. Besides, in the field of renewable energy, the company has generated 52 million units of wind power during these three months.
Despite quantum jump in production, the profit during the quarter took a dip due to low market realization. The total alumina sale during the quarter was 2.91 lakh tonnes and aluminum sale was 82,386 tonnes. However, considering the sluggishness of international metal market, Nalco’s performance is considered to be a ‘Silver Lining’ amidst the downturn in both domestic and overseas markets.