Bhubaneswar, Feb 9 (IANS) The National Aluminium Company Limited (NALCO) has achieved a record net profit of Rs 722 crore in the third quarter ended December 2017, the company said on Friday.
The company has been able to break the highest-ever net profit figures in a quarter during the last ten years.
NALCO declared its financial results for the third quarter of the financial year 2017-18 at the Board meeting held at Bhubaneswar.
NALCO has achieved a record net profit of Rs 722 crore (growth of 207 per cent), as against Rs 235 crore in the preceding quarter and Rs 144 crore in the corresponding quarter of the previous fiscal, said a company statement.
The net sales in the third quarter were Rs 2,360 crore.
Similarly, the net profit for the nine months ended December 2017 works out to Rs 1,085 crore (growth of 171 per cent), against the corresponding figure of Rs 400 crore for the previous fiscal, the statement added.
The net sales for the nine months of the fiscal are Rs 6,538 crore as compared to Rs 5,071 crore in the corresponding period of the last financial year, said the statement.
NALCO has also achieved record growth in production on all fronts. During the first nine months of the current fiscal, NALCO achieved production of 54.40 lakh tonnes of bauxite, as compared to 53.23 lakh tonnes achieved during the comparable period of the previous fiscal.
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 tonnes, against 2.86 lakh tonnes during the comparable nine months of the previous fiscal registering a growth of 11 per cent.
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.
The company generated 211 million units of wind power during the first nine months of this fiscal.
Operational efficiency, cost reduction, strategic management decisions and teamwork in NALCO played a key role in achieving the record profit, the company said.
“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, we hope to post similar results in the next mandate,” said Chairman-cum-Managing Director Tapan Kumar Chand.