India’s Nalco reports 61% leap in net profit for FY23

The Indian state-owned integrated aluminium company National Aluminium Company (Nalco) has reported a 60.6 per cent rise in consolidated net profit to around $70 million (INR 557.91 crore) on a 52.9 per cent increase in net sales to $475.33 million (INR 3783.32 crore) in Q1 FY23 over Q1 FY22.

In a regulatory filing, the public sector company had posted a consolidated profit of $43.64 million (INR 347.48 crore) in the year-ago phase.

The segmental revenue from Chemicals was $43.60 million (INR1,199 crore), an increase of 12.3% year-over-year, while aluminium revenue was $374.18 million (INR2,980 crore), an increase of 71.5% year-over-year.

Total expenditure soared by 55 per cent Y-o-Y to $368.58 million (INR 2935.38 crore) during the quarter due to sharp rises in raw material costs (up 86.8 per cent Y-o-Y) and power, oil & fuel charges (up 78.7 per cent Y-o-Y). Interest payments amounted to $0.48 million (INR 3.87 crore) in Q1 as against $ 0.22 million (INR1.77 crore) in the same period last year.

In Q1 FY23, profit before tax was $95.09 million (INR 757.32 crore), an increase of 64.1% from $57.93 million (INR 461.36 crore) in Q1 FY22. During the review period, however, the tax outgo was $26.60 million (INR 211.86 crore), an increase of 86% from the previous year.