National Aluminium Company (NALCO)'s consolidated net profit soared 1982% to Rs 347.48 crore on 79.2% jump in net sales to Rs 2,474.55 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Increase in revenues was mainly propelled by strong demand, higher volumes, better realization and effective capacity utilization of its operational units. Consolidated profit before tax soared 1765.60% to Rs 461.36 crore in Q1 FY22, steeply higher than Rs 24.73 crore in Q1 FY21. The Q1 result was declared post market hours on Friday, 6 August 2021.
The company said it has demonstrated robust performance across all its business segments. During the quarter, the production of Bauxite, Alumina and Aluminium stood at 17.61 lakh tonnes, 5.21 lakh tonnes and 1.14 lakh tonnes respectively, compared with 17.10 lakh tonnes, 4.65 lakh tonnes and 0.98 lakh tonnes respectively in the comparative period of the last fiscal.
Sridhar Patra, CMD of NALCO, said: "In spite of the challenges imposed due to COVID-19 pandemic, NALCO through strategic planning of raw materials, manpower and marketing initiatives, coupled with continued focus on cost optimization, has been able to steer towards organizational success."
NALCO is a Navratna group 'A' CPSE having integrated and diversified operations in mining, metal and power under Ministry of Mines, Government of India. As on 30 June 2021, the Government of India held 51.28% equity of NALCO.
Shares of NALCO dropped 8.17% to Rs 86 on BSE. The stock traded in the range of Rs 85.60 to Rs 90.25 so far.
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