Nalco’s production and sales in FY22 will reach record levels: CMD Sridhar Patra

On 18^th November 2021, Sridhar Patra, the Chairman and Managing Director of the Indian state-owned National Aluminium Company (NALCO), mentioned that the production and sales figure in FY22 will reach record levels.

The integrated aluminium company declared earnings for the September-ended quarter with a powerful performance by the aluminium business and upheld by the alumina business.

The CMD said: “The profitability that we saw after the H1, we are confident that in the second half we will be beating all the records of this decade on the production front, financial performance and on all aspects.”

“Aluminium prices in H2FY22 will sustain at around $2,200-$2,300. I am confident that aluminium price, in the second half, will prevail at around $2,200-2,300 per tonne.”

“However, alumina prices will prevail at more than $350 per tonne, on average, for the second half,” he said.

While on the remark of buyback, Patra commented: “As per Company Law, once a buyback has been made, within a year there is no possibility of a buyback. The Government of India shareholding is 51.28%. So, I do not visualise any further buyback within this fiscal."