The chaircum-cum-managing director of the National Aluminium Company (NALCO), Dr Tapan Kumar Chand belives that achievements give motivation and purpose gives objectivity to any organisation but to remain sustainable and successful, business organisations need to have insulation from detrimental effects of business environment.
“One must remain well aware in advance of the changes in technology, statutory regulations and preferences of the customers”, he said. Dr Chand was speaking at the inauguration of the two-day long 5th National Management Conference (NamCon-2019) on ‘Weatherproof organisation: Challenging the Challenge’ at the Asian School of Business Management (ASBM).
Sharing the success story of NALCO, he elaborated that when the global economy was reeling under economic slowdown, with the metal sector being affected the worst; NALCO took a conscious decision of introducing an all weather business model that focuses on benchmarking and quantification. With the business model in place, the company doubled its net profit from Rs 669 crore in FY 2016-17 to Rs 1342 crore in FY 2017-18. Now the company is all set to scale higher on financial front and envisages achieving a net profit of more than Rs 2000 crore by 2020 and Rs 2500 crore in the next three years.
Besides, to retain business excellence, the company has consistently been working on with focus on sustainability through innovation, adoption of new technology, lower production cost and nurturing its human resources, added Dr Chand. During the event, the conference compendium and newsletter of ASBM was also released.