Navratna CPSU Nalco’s performance has been sound even as about 70 per cent aluminium smelters across the world reported loss.
“Nalco has remained profitable all through by successfully handling the market downturn, by maximising bauxite mining and alumina refining, adding new pots and augmenting production, besides effecting several cost reduction measures, particularly in raw material and energy consumption,” Nalco CMD TK Chand said while addressing a gathering on the occasion of Independence Day here on Monday.
Informing that the Nalco has been declared by london-based Wood Mackenzie as the lowest-cost producer of alumina, Chand noted that the company’s performance during the 2015-16 fiscal has been quite encouraging with a gross turnover of ` 7,157 crore and a net profit of `731 crore.
“During 2015-16, Nalco has increased dividend payment to shareholders from 35 per cent to 40 per cent. Its share price in the market has gone up from `36.55 in July 2015 to `47.50,” Chanda said, adding that the market capitalisation has also improved from around `9,000 crore to `12,200 crore.
He said till July in the ongoing fiscal, the Nalco has produced 23,18,371 tonnes of bauxite (growth of 32.45 per cent over the corresponding period of last year) while it has produced 6,49,200 tonnes of alumina hydrate (growth of 12.88 per cent over the corresponding period last year).
“There is a saying, ‘Fortune favours the Brave’. This is apt in case of Nalco facing the market blizzard bravely and coming out successful. This could not have been possible without a concerted effort of all employees,” he said.