NALCO posts 106% increase in net profit

Odisha Channel Bureau Bhubaneswar, June 1: National Aluminium Company Limited (NALCO) has declared its financial results for 2014-15 fiscal.According to the audited financial results for the year, taken on record by the Board of Directors in a meeting held in New Delhi May 30, NALCO has posted a net profit of Rs.1322 crore during the year, up by 106%, compared to Rs.642 crores achieved during the previous fiscal.The export turnover of the company for the fiscal was Rs.3307 crore.The Board has also recommended final dividend at a rate of 10% (Rs.0.50 per equity share of Rs.5 each) amounting to Rs.128.86 crore.Earlier, NALCO had declared an interim dividend of 25%, i.e.Rs.1.25 per share of Rs.5 each, amounting to Rs.322.16 crore for the financial year 2014-15, on the paid-up equity share capital of Rs.1288.62 crore.During the year, the company has achieved highest ever gross turnover of Rs.7771 crore against Rs.7024 crore achieved last year and previous best of Rs.7247 crore achieved in FY12-13.In terms of production, the Aluminium Smelter of the company achieved cast metal production of 3.27 lakh MT against 3.16 lakh MT achieved last year and achieved Alumina Hydrate Production of 18.51 lakh MT against 19.25 lakh MT last year.The Captive Power Plant of the company achieved net power generation of 5,131 million units against 4,989 million units achieved in last fiscal.Besides, NALCO generated 175 MU of wind energy during the year by operation of a 50.4 MW wind power plant at Gandikota, Andhra Pradesh and another 47.6 MW plant at Jaisalmer, Rajasthan.During the year, the company commissioned 260 KWp Rooftop Solar Power System at Corporate Office and Township, Bhubaneswar.167 kilo Unit solar energy has been generated during the year.Regarding the capacity expansion, investment decision has been taken to set up a one million tonne alumina refinery at Damanjodi, Koraput at a proposed investment of Rs.5540 crore based on Pottangi mine deposit.With a view to boost the ancillary and downstream industries, NALCO has also committed to supply 50,000 MT of aluminium metal to ‘Angul Aluminium Park’ which has been formed as a JV between NALCO and Industrial Development Corporation of Odisha.The company is in an advance stage of setting up of 100 MW Wind Power Plant at a suitable location with an estimated investment of Rs.660 crore.