NALCO reports fiscal year 2022-23 performance amidst profit margin challenges

NALCO's profit margins have faced challenges attributable to increased input costs, the volatility of the business environment, and fluctuations in global demand and supply, as indicated by a company official. National Aluminium Company Ltd (NALCO) reported sales amounting to 14,171 crore INR and a net profit of 1,544 crore INR for the fiscal year 2022-23.

During the same period, the prominent aluminium company accomplished an export turnover of 4,217 crore INR. However, it's worth noting that in the preceding financial year, 2021-22, NALCO achieved its highest-ever sales of 14,181 crore INR and recorded a net profit of 2,952 crore INR, according to the official's statements. The approval of the annual accounts for 2022-23 occurred during the company's 42nd annual general meeting, which took place in a virtual format.

CMD Sridhar Patra, addressing shareholders at the AGM, acknowledged the impact of higher input costs, business environment fluctuations, and global supply and demand dynamics on NALCO's profit margins. Despite these challenges, the company experienced growth across various fronts in FY 2022-23. Patra also emphasised NALCO's current emphasis on completing the 5th stream refinery project promptly and developing the Pottangi Bauxite Mines.

NALCO, headquartered in Odisha, ranks as one of India's largest integrated aluminium producers. In the June quarter, the company reported a 40 per cent decline in consolidated net profit, amounting to 333.76 crore INR, primarily attributed to reduced income compared to the net profit of 557.91 crore INR reported in the same quarter of the previous year, according to a regulatory last month.