NALCO's FY 2023-24 net profit hits INR 2,060 crore amid strong sales and export growth

The Indian public sector company National Aluminium Company Limited (NALCO), under the Ministry of Mines, delivered a positive financial performance for the fiscal year 2023-24. The company recorded a sales turnover of INR 13,149 crore (USD$ 1.57 billion), reflecting its continued strength in the aluminium industry.

NALCO's net profit surged to INR 2,060 crore (approx. USD$248 million), marking a significant increase of INR 516 crore (approx. USD$62.1 million) compared to the previous fiscal year. The company also reported an impressive export turnover of INR 4,275.73 crore, underscoring its strong presence in international markets.

This performance highlights NALCO's resilience and growth, cementing its position as a key player in India's aluminium sector.

During its 43rd Annual General Meeting held virtually on September 27, 2024, NALCO's shareholders approved the annual accounts for FY 2023-24 and declared a final dividend of INR 2 per equity share, totalling INR 367.33 crore. This brings the overall dividend for the year to INR 918.32 crore, which accounts for 45 per cent of the Profit After Tax (PAT).

Key operational highlights for FY 2023-24 include NALCO achieving its highest-ever bauxite excavation, with a production of 21.24 lakh tonnes of alumina hydrate while operating at over 100 per cent capacity utilisation. Additionally, the company reported record metal sales of 470,000 tonnes and the highest cast metal production at its aluminium smelter plant, reaching 463,000 tonnes.

NALCO has successfully operationalised its Utkal D coal block, achieving a production milestone of 2 million tonnes and reaching the mine's peak rated capacity. This development, along with the operationalisation of the Utkal E coal block and the recent signing of a lease agreement for the Pottangi bauxite mines, has significantly strengthened NALCO's raw material and energy security for the next 30 years, positioning the company for sustained growth.

In a message to shareholders, NALCO Chairman and Managing Director Sridhar Patra commended the company's performance, attributing its success to the dedication of the NALCO team and the steadfast support of its shareholders. Despite facing challenges from economic fluctuations, commodity price volatility, and evolving environmental regulations, Patra noted that these obstacles also present opportunities for innovation and growth.

Sridhar Patra said, "NALCO's performance in FY 2023-24 aligns with the national goals of Atmanirbhar Bharat and Viksit Bharat, demonstrating our commitment to advancing India's industrial prowess and economic resilience."

As an aluminium company striving to maintain its leadership, he highlighted its efforts to align its strategies with global trends and national priorities.

As part of his closing remarks, Patra reiterated NALCO's commitment to growth and innovation, "We are poised to grow with purpose and deliver with passion, striving to make NALCO a globally recognized name in the alumina and aluminium sector."