NALCO (National Aluminium Firm Limited), a Navratna company under the Ministry of Mines, reported a net profit of Rs 274 crore for the third quarter ending December 31, 2022, up from Rs 170 crore in the prior quarter. The Ministry of Mines and the Government of India jointly own NALCO, a government-owned corporation with integrated and diverse operations in mining, metals, and power. At the moment, the Government of India owns 51.5% of NALCO.
As per the reviewed financial results for the 3rd quarter of FY 23, taken on record by the Board in the meeting held at Bhubaneswar, NALCO recorded a net sales turnover of Rs 3,290 crore.
Even though the company has seen strong increase in production across the board, lower alumina sales volume during the quarter, higher input costs, and the volatile and challenging global business environment have all had an impact on profit margins.
NALCO’s operational effectiveness and teamwork were important in getting through the difficult time. According to Sridhar Patra, CMD NALCO, a global firming up of aluminium prices and larger production volumes will undoubtedly increase profit margins in the ensuing quarters and have a substantial impact on the total results of FY 23.
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