Bhubaneswar(PTI): National Aluminium Company Limited (NALCO) today said it has posted a record net profit of Rs 722 crore in the third quarter of current fiscal, registering a robust growth of 207 per cent.
NALCO has achieved a record net profit of Rs 722 crore as against Rs 235 crore in the preceding quarter and Rs 144 crore in the corresponding quarter of previous fiscal,” a company release said after declaration of financial results for & upto 3rd quarter ended December 2017.
According to the reviewed financial results taken on record by the Board in the meeting held here today, the net sales in the 3rd quarter was Rs 2,360 crore.
With this, the company has been able to break the highest ever net profit figures in a quarter during the last ten years, it said.
“We hope to post similar results in the next mandate,” CMD of NALCO Tapan Kumar Chand said.
Similarly, the net profit of the Navaratna PSU for the 9 months ended December 2017 works out to Rs 1,085 crore, recording a growth of 171 per cent against the corresponding figure of Rs 400 crore for the previous fiscal.
The net sales of the aluminium major for 9 months of the fiscal are Rs 6,538 crore as compared to Rs 5,071 crore in the corresponding period of last financial year, it said.
NALCO has also achieved record growth in production in all fronts.
During the first nine months of the current fiscal, NALCO achieved production of 54.40 lakh tonne of bauxite, as compared to 53.23 lakh tonne achieved during the comparable period of the previous fiscal, the statement said.
The company produced 15.51 lakh tonnes of alumina hydrate, against 15.27 lakh tonnes achieved in the corresponding period of the previous financial year.
Metal production was 3.17 lakh tonne, against 2.86 lakh tonne during the comparable nine months of the previous fiscal registering a growth of 11 per cent, it said.
The net power generated during the period was 4,897 million units up by 9 per cent, compared to 4,494 million units achieved in the corresponding period of the previous year.
As a committed and responsible green power producer, the company has generated 211 million units of wind power during the first 9 months of this fiscal, it added.
Operational efficiency, cost reduction, strategic management decisions and team work of NALCO played a key role in achieving the record profit, the release said.
The results were possible with robust monetary policy of the government and demand-supply dynamics brightening, aided by growth in the construction and power sectors, pick-up in the automobile segment as well as firming up of aluminium prices globally, the company’s CMD said.