Nalco Shares Drop 1.6 Percent Despite Posting Best Annual Net Profit in a Decade
Nalco board also recommended a final dividend of 25% on face value of Rs 5 each for the financial year 2019, subject to the approval of shareholders in the forthcoming annual general meeting.
Nalco shares drop 1.6% in intraday trade on Friday after the company’s earnings announcement. The state-run company’s net profit for full fiscal 2018-19 stood at Rs 1,732 crore, up 29% from the previous year. Notably, this was Nalco’s best ever annual net profit in a decade.
During 2018-19, Nalco’s net sales turnover was Rs 11,386 crore, up 21% compared with the year-ago figure.
The net profit growth was mainly aided by Nalco’s exports earnings that grew 18% year-on-year to Rs 4,792.71 crore. However, on a quarterly basis, the company posted a 9.1% decline in standalone profit to Rs 233.5 crore in the March quarter compared with Rs 257 crore in the year-ago period.
Standalone revenue from operations in the March quarter declined to Rs 2,766.2 crore compared with Rs 2,863.1 crore in the year-ago period. The company’s operating income, or earnings before interest, tax, depreciation and amortization (Ebitda) rose 12.5% to Rs 615.24 crore in the March quarter. The earnings per share (EPS), however, decreased to Rs 1.25 in the quarter ended March 2019 from Rs 1.33 in the year-ago quarter.
Nalco’s alumina refinery achieved its highest ever output of 2.15 million tonnes of alumina hydrate in FY19. The aluminium firm also recorded a 5% increase in total metal sales at about 441,000 tonnes, out of which domestic metal sales, at around 402,000 tonnes, jumped 15% over the year-ago number.
The Nalco board also recommended a final dividend of 25% on face value of Rs 5 each for FY19, subject to the approval of shareholders in the forthcoming annual general meeting. This final dividend is in addition to interim dividend of Rs 4.50 per share (90% on face value of Rs 5 each) already paid in March.
Nalco shares have corrected almost 30% in the last one year. At 2:13 pm, the stock was trading 0.3% lower at Rs 50.20.
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