National Aluminum Co Ltd (Nalco) reported a consolidated profit of Rs 239.71 crore for the quarter ended December 31, 2020. The company had posted a consolidated loss of Rs 33.90 crore in the corresponding quarter of the previous financial year, Nalco said in a filing to the BSE.
The net profit has jumped by 123 % over the previous quarter of current fiscal, which was Rs 107 crore. Its consolidated income during October-December 2020 increased to Rs 2,414.95 crore, compared with Rs 2,136.57 crore in the year-ago period.
Nalco Chairman and Managing Director Sridhar Patra said in a statement, “NALCO has shown overall growth and resilience to script a turnaround after the peak period of the COVID-19 pandemic. The employees and workers delivered, when it mattered under challenging circumstances.”
“The company is geared up to meet the increase in demand with the gradual opening up of the market and the economy, It is also focused on operationalising the ongoing projects, which will substantially bolster the company’s profit,” Patra added.
On the sales front, the net sales of alumina hydrate for the third quarter of 2020-21 stood at 3.44 lakh tonnes, compared with 3.33 lakh tonnes a year ago, according to the statement.
Aluminium export also registered impressive growth, with a sales volume of 1.38 lakh tonnes during the first nine months of 2020-21, compared with 50,000 tonnes during the corresponding period of 2019-20.
On the production front, the company achieved strong growth in the third quarter of the current fiscal, with bauxite production of 19.34 lakh tonnes, alumina hydrate production of 5.55 lakh tonnes, while metal production achieved was 1.02 lakh tonnes, the statement said. The Company is also focused on operationalising the ongoing projects, like Utkal-D Coal block, 5th Stream Alumina Refinery & Caustic Soda JV projects etc., which will substantially bolster the bottom line of the company.