Latest News | NALCO Reports Lower Sales, Net Profit for FY'23

Bhubaneswar, Sep 21 (PTI) National Aluminium Company Ltd (NALCO) clocked sales of Rs 14,171 crore and a net profit of Rs 1,544 crore in the 2022-23 fiscal, a company official said on Thursday.

The aluminium major registered an export turnover of Rs 4,217 crore during the period.

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It, however, had registered the “highest-ever” sales of Rs 14,181 crore and a “record” net profit of Rs 2,952 crore in the 2021-22 financial year, the official said.

The company's 42nd annual general meeting held here on Thursday via virtual mode approved the annual accounts for 2022-23.

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“Higher input costs, volatility in business environment as well as dynamics of global demand-supply has impacted NALCO's profit margins in spite of the fact that the company has registered growth in several fronts in FY 2022-23,” CMD Sridhar Patra told shareholders at the AGM.

“The focus of the company is now on the early completion of the 5th stream refinery project and development of the Pottangi Bauxite Mines...,” Patra said.

Odisha-based NALCO is one of the largest integrated aluminium producers in the country.

It had posted a 40-per cent decline in consolidated net profit to Rs 333.76 crore for the June quarter, due to lower income.

The company had registered a net profit of Rs 557.91 crore in the year-ago quarter, it said in a regulatory filing last month.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)