Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ Companies / News/  Nalco eyes 1,600 crore net profit in 2018-19  

Bhubaneswar: State-owned aluminium major Nalco is hoping to record a net profit of over 1,600 crore and revenues of 12,000 crore during the current fiscal, a top official has said.

"We have a corporate plan to increase the turnover from the existing level of 10,000 crore to 30,000 crore. This year itself, we are likely to register a gross turnover of more than 12,000 crore," CMD of the Navaratna PSU Tapan Kumar Chand said.

He said the company is likely to register a net profit of more than 1,600 crore during the current fiscal as it aims to add alumina production by 1 million tonne and aluminium production by 1.2 million tonne.

During 2017-18, Nalco achieved its highest net profit in last 10 years at 1,342 crore, up from 669 crore recorded in the previous year.

Globally, Nalco is now leading from the front in promoting aluminium as the future metal in international aluminium summits, the CMD said.

Chand was speaking during the Republic Day celebrations of the company here on Saturday.

Chand likened Nalco to a 'mini India' where people belonging to different segments of the country are striving continuously towards making the Navratna PSU the pride of the nation.

He further said that from its inception, Nalc has aimed to become a global leader and since 2015 it has started achieving global benchmark in bauxite and alumina production.

Opening of Utkal-D coal mines will bring a turnaround in aluminium production and will enable the company to climb the global scale.

"We have a dream to see our company as a giant global player. The Union government has also cleared the company's proposal to float Khanij Bidesh (KABIL) to acquire mining assets abroad," he said.

"Nalco will be the second company after ONGC Videsh for acquisition of assets abroad. Further, our proposal to float a joint venture company with MIDHANI (Mishra Dhatu Nigam Ltd) to produce high-end aluminium is expected to be cleared shortly by the government," Chand said.

Nalco's export earning of 4,075 crore during 2017-18 is also the highest ever since inception registering a growth of 12 per cent over previous year, said a company official.

The aluminium major achieved highest-ever alumina hydrate production of 21.06 lakh MT (100 per cent of normative capacity) during the year, he said.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 27 Jan 2019, 03:14 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App