Bhubaneswar: National Aluminium Company Limited (NALCO), a Navratna Central Public Sector Enterprise (CPSE) under the Union ministry of mines, has reported a robust financial performance for FY 2023-24, with a sales turnover of Rs 13,149 crore and a net profit of Rs 2,060 crore, marking a significant increase of Rs 516 crore from the previous fiscal year.
The company also achieved an export turnover of Rs 4,275.73 crore.
During its 43rd Annual General Meeting held virtually on Friday, NALCO’s shareholders approved the annual accounts for FY 2023-24, along with a final dividend of Rs 2 per equity share, amounting to Rs 367.33 crore. This brings the total dividend for the year to Rs 918.32 crore, representing 45 per cent of the Profit After Tax (PAT).
Among the key operational highlights of FY 2023-24, NALCO reported its highest-ever bauxite excavation and produced 21.24 lakh tonnes of alumina hydrate, operating above 100 per cent capacity utilization. The company also achieved record metal sales of 4.70 lakh tonnes and the highest-ever cast metal production of 4.63 lakh MT at its aluminium smelter plant.
NALCO successfully operationalised its Utkal D coal block, producing 2 million tonnes of coal, reaching the mine’s peak rated capacity.
The operationalisation of Utkal D and E, along with the signing of a lease agreement for Pottangi bauxite mines, has fortified NALCO’s raw material and energy securitization for the next 30 years, positioning the company well for sustained growth.
Addressing the shareholders, NALCO chairman-cum managing director (CMD) Sridhar Patra praised the company’s performance, attributing the achievements to the dedication of the NALCO team and the unwavering support of shareholders. Despite challenges from economic fluctuations, commodity price volatility, and evolving environmental regulations, Patra emphasized that these hurdles present opportunities for innovation and growth.
“NALCO’s performance in FY 2023-24 aligns with the national goals of Atmanirbhar Bharat and Viksit Bharat, demonstrating our commitment to advancing India’s industrial prowess and economic resilience,” said Patra. He highlighted the company’s focus on aligning strategies with global trends and national priorities to maintain its leadership in the aluminium industry.
Patra also informed shareholders of the successful execution of the mining lease for Pottangi Bauxite Mines, with a reserve of 111 million MT, for a period of 50 years with the Government of Odisha. He outlined future growth and expansion plans, including the operationalization of additional coal blocks in Odisha.
In his closing remarks, Patra reaffirmed NALCO’s commitment to growth and innovation, stating, “We are poised to grow with purpose and deliver with passion, striving to make NALCO a globally recognized name in the alumina and aluminium sector.”
