Results: NALCO's net profit in FY 2020-21 zooms over 800%

State-run National Aluminium Company Limited (NALCO) has reported results for the financial year ending March 31, 2021. The company reported net turnover and net profit of Rs 8,869.29 crore and Rs 1,299.56 crore respectively in FY20-21 compared to Rs 8,425.75 crore and Rs 138.23 crore achieved during the previous year.

In the case of the net profit of the company for the financial year 2020-21, it zoomed by 840 per cent over last financial year. The results were driven by strong operational performance by units, cost-saving measures, supported by favourable LME price.

During the year 2020-21, NALCO has achieved the highest-ever production of bauxite at 73.65 lakh tonnes. In FY 2021, the company's export was at 1.92 lakh tonnes of aluminium metal in 2020-21, surpassing the decade old record of 1.46 lakh tonnes achieved in 2009-10.

Further, the company also achieved production of 20.85 lakh tonnes of alumina hydrate and 4.18 lakh tonnes of Aluminium metal.

Sridhar Patra, CMD, NALCO, said that the company had made exemplary contributions in promoting and putting focus on plant, production, productivity and people. “After the peak period of COVID19 outbreak and with the opening of the markets, we witnessed a significant recovery in the second half of the financial year of 2020-21. With further easing of restrictions and resumption of economic activities, we are optimistic for a robust growth in the long run with our focus on increasing the production in mining and refining segments and opening up of the new coal blocks,” he said.