National Aluminium Company (NALCO) dropped 5.37% to Rs 31.70 after consolidated net profit tanked 57.2% to Rs 100.51 crore on 30% drop in net sales to Rs 1,935.86 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax (PBT) skid 56.3% to Rs 176.66 crore in Q4 March 2020 as against Rs 404.55 crore in Q4 March 2019. Tax expense slumped 55.1% to Rs 76.15 crore in Q4 March 2020 as against Rs 169.73 crore in Q4 March 2019. The Q4 result was declared after trading hours on Friday, 26 June 2020.
On a standalone basis, NALCO posted a net profit of Rs 138.23 crore for FY20. During the year, the company has achieved net turnover of Rs 8426 crore, which has been adversely impacted by about Rs 2900 crore due to fall in global metal prices. The export turnover of the company for the fiscal was Rs 3511 crore.
However, weathering the sluggishness in the international metal market and falling London Metal Exchange prices, NALCO has continued to remain profitable by successfully handling the market downturn. Riding on overall growth in production, improving productivity & sales, the company has been registering profit every fiscal since inception.
During the year, the firm has achieved significant growth in production and sales. Bauxite production of 73.02 lakh MT in mines and 21.61 lakh MT of alumina hydrate in alumina refinery, have been the highest ever since company's inception. Both mines & refinery of NALCO has been performing beyond its installed capacity. The aluminium metal production has been 4.18 lakh MT.
Sridhar Patra, CMD, NALCO, said "We are optimistic that in the long run with our focus on increasing the production in mining and refining segments, opening up of the new coal blocks, backward integration in supply of key raw materials like caustic soda, we shall be able to tide over present economic crisis."
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 31 March 2020, the Government of India held 51.50% equity of NALCO.
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