National Aluminium Company reported 67% drop in standalone net profit to Rs 273.85 crore in Q3 FY23 from Rs 830.86 crore in Q3 FY22.
Revenue from operations fell by 13% YoY to Rs 3,289.98 crore during the quarter.
Total expenses increased by 9% to Rs 2,991.50 crore in Q3 FY23 over Q3 FY22, due to higher raw material costs (up 70% YoY), higher power and fuel charges (up 26% YoY) and higher depreciation charges (up 4% YoY).
Profit before tax in Q3 FY23 stood at Rs 364.80 crore, down by 67% from Rs 1,109.13 crore in Q3 FY22.
The company said that lower sales volume of alumina during the quarter, higher input costs coupled with global challenging business scenario and volatility has affected the profit margins despite the fact that the company has registered robust growth in production in all fronts.
Sridhar Patra, CMD, NALCO, said: With firming up of aluminium prices globally and higher productions volumes, we are sure that it will certainly add to the profit margins in the coming quarters. We are also hopeful, that the Q4 results will contribute significantly for the overall FY 23 results.
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National Aluminium Company (NALCO), a schedule 'A' Navratna CPSE, is one of the largest integrated Bauxite-Alumina-Aluminium-Power Complex in the country. At present, Government of India holds 51.28% of paid up equity capital.
The scrip fell 1.85% to end at Rs 76.75 on the BSE on Friday.
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