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28 JANUARY 2019 AL CIRCLE

Nalco aims at achieving INR 1,600 crore net profit in FY2018-19: Chand says

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

A Navaratna CPSE under Ministry of Mines National Aluminium Company Limited (Nalco) has reportedly aimed at achieving a net profit of over INR 1,600 crore and revenue of INR 12,000 crore during the on-going fiscal 2018-19.

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The news came after the company’s CMD Dr. Tapan Kumar Chand said: "We have a corporate plan to increase the turnover from the existing level of Rs. 10,000 crore to Rs. 30,000 crore. This year itself, we are likely to register a gross turnover of more than Rs. 12,000 crore."

He further said the company aims to register a net profit of INR 1,600 crore as it eyes to 1 million tonnes of more alumina production and 1.2 million tonnes of more aluminium production.

During the financial year 2017-18, Nalco had recorded a 10-years high net profit of INR 1,342 crore, up from INR 669 crore in the prior year.

Globally, Nalco is now leading from the front in promoting aluminium as the future metal in international aluminium summits, said Dr. Chand while speaking during the Republic Day celebrations on Saturday, January 26.

He also said that Nalco, since its inception, has aimed to become a global leader and from 2015 started achieving global benchmark in bauxite and alumina production.

Chand expects the opening of Utkal-D coal mines to bring a turnaround in aluminium production and enable the company to climb the global scale.

"We have a dream to see our company as a giant global player. The Union government has also cleared the company's proposal to float Khanij Bidesh (KABIL) to acquire mining assets abroad," he said.

Nalco’s earnings from export of about INR 4,075 crore during 2017-18 was also the highest ever since inception, point out a company official, who also said the aluminium major achieved highest-ever alumina hydrate production of 21.06 lakh tonnes during the said year.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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