Bhubaneswar: Aluminum major NALCO, a Navratna PSU under Ministry of Mines, Government of India, has registered more than 100% growth and doubled its profit from Rs. 669 crore to 1342.19 crore in 2017-18.
According to the audited financial results for 2017-18, taken on record by the Board of Directors in a meeting held here on May 26, during the FY 2017-18 NALCO has registered more than 100% growth i.e. Rs 1342.19 crore against Rs. 669 crore in previous year.
In 4th quarter the company has earned a net profit of Rs. 257.06 crore. During the year, NALCO was the third highest net Foreign Exchange Earning CPSE in the Country. The Net sales turnover for the year is Rs 9,377 crore (highest ever since inception) registering a growth of 26 % over last year. Export earning of Rs 4,076 crore also highest ever since inception registering a growth of 12 over last year.
Speaking on this achievement of the company, NALCO CMD Dr. Tapan Kumar Chand said, “The year 2017-18 has been a very rewarding year for NALCO on all fronts. We are looking beyond earning lust profits. We have improved on all parameters —record production, highest sales and turnover.”
“While focusing on the present, we are ensuring we don’t lose sight of what the future holds. We are introducing a Game Changing Business Model that will bring additional Rs 935 crore net profit to the Company. The model provides for focusing operation of Utkal-D, end of second Qtr 2019, commissioning of 1 million tonnes of Alumina Refinery, setting up of Wire Rod Mill 3, bringing into stream Caustic Soda Plant, CT Pitch Plant,” he added.
Dr. Chand pitched for support to Mother Plant like NALCO for achieving global competitiveness and Mother Plant in turn to promote employment and employability ecosystem. He cited Angul Aluminum Park as a concrete step for setting up employment ecosystem. He also informed that NALCO is making tie-up with ALMEX of USA to set up high-end value products.
“NALCO will also be promoting micro & small industries in downstream through a cashless model of providing aluminum Ingot and taking back finished products for marketing by NALCO. Such hand-holding by NALCO is bound to make these micro & small industries viable and thereby creating substantial number of employment and warming up the business environment in Odisha,” Chand said.
While congratulating NALCO Collective for the stellar performance Dr. Chand also informed about the new projects in the pipeline and the company’s growth plans.