NALCO Net Swells to Rs 1,342 Crore in FY18, Pays Record Dividend
NALCO was the third highest Net Foreign Exchange Earning central public sector enterprise in the country. It has also declared a record dividend payout of Rs 1,102 crore, an increase from 56 per cent in 2016-17 to 114 per cent in 2017-18.
Bhubaneswar: Aluminium major NALCO on Wednesday said its net profit has doubled to Rs 1,342 crore in 2017-18 from Rs 669 crore recorded in the previous year owing to its new business plan which has put the company on a new growth path.
"The company achieved highest net profit in last 10 years of Rs 1,342 crore in 2017-18 against Rs 669 crore earned in previous year," CMD of NALCO, Tapan Kumar Chand said on the sidelines of the 37th Annual General Meeting of the Navaratna company.
Highlighting the performance of the company during the last fiscal, Chand said NALCO also achieved the highest-ever turnover of Rs 9,376 crore since inception, registering a growth of 26 per cent over the previous year.
Similarly, export earning of Rs 4,076 crore was also highest-ever since inception registering a growth of 12 per cent over last year.
NALCO was the third highest Net Foreign Exchange Earning central public sector enterprise in the country.
NALCO has also declared a record dividend payout of Rs 1,102 crore, an increase from 56 per cent in 2016-17 to 114 per cent in 2017-18.
The dividend payout, approved in the 37th Annual General Meeting on Wednesday, works out to Rs 5.70 per equity share of Rs 5 each, a company statement said.
This is the highest dividend payout since the inception of the company in 1981. The total payout, including Dividend Distribution Tax, works out to Rs 1,326.06 crore, as against Rs 651.40 crore in the last fiscal.
Attributing the success to teamwork, strong cost focus and strategic planning, Chand said "the new Business Plan of NALCO has set the company on a growth path. The results are starting to show."
Referring to the performance in other spheres, a top company official said North-Central block of Panchpatmali Mines achieved 100 per cent capacity utilisation with transportation of 68.25 lakh MT bauxite for the second year in a row.
The company became the lowest cost producer of alumina in the world consecutively for the two years - 2016 and 2017 - as per report of Wood Mackenzie, a leading research and consultancy group, he said.
Panchpatmali Bauxite mines, rated as the second lowest cost producer in the World in 2017 as per report of Wood Mackenzie, is aiming to become the lowest cost producer in FY 2018-19.
The aluminium major achieved highest-ever Alumina Hydrate production of 21.06 lakh MT (100 per cent of normative capacity) during the year.
Noting that aluminium smelter production consistently increased over the last five years, he said the company achieved highest cast metal production of 4.26 lakh MT (in last 5 years), registering a growth of 9.8 per cent over last year.
The Captive Power Plant (CPP) achieved 'Net Power Generation' of 6,547 MU, registering a growth of 7.9 per cent over previous year.
Aluminium metal sales touched 4,26,316 MT during 2017-18, which is significantly higher than the sales figures of 3,85,518 MT achieved during 2016-17.
The Navaratna PSU registered total Alumina sale of 13,37,416 MT, including export of 12,76,775 MT. This betters the corresponding figures of 12,94,900 MT and 12,43,103 MT respectively achieved during 2016-17, he said.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Kohli Just 'Invited' the Internet to Meme His Comical Photo and Desi Fans Didn't Disappoint
- Love Aaj Kal Box Office Day 4: Kartik Aaryan, Sara Ali Khan's Film Earns Rs 31.26 Cr
- Samsung Galaxy Note10 Lite Review: The Battle With The OnePlus 7T is Too Close to Call
- Arti Singh Says Krushna Abhishek was Upset with Her for Talking About Attempted Rape on Bigg Boss 13
- IndiGo Offering Discounted Tickets at Just Rs 3,499 for International Flights