New Delhi: Aluminium major Nalco on Saturday reported nearly five fold jump in its net profit to Rs 721.78 crore for the quarter ended December 31 on account of higher income.
The company had posted a net profit of Rs 143.92 crore during the same period previous fiscal, Nalco said in a regulatory filing.
Total income during quarter under review stood at Rs 2,465.44 crore. It was Rs 2,063.98 crore in the corresponding quarter last fiscal.
Expenses during the period was Rs 2,169.96 crore as against Rs 1,821.17 crore in the year-ago period.
The company said its board approved interim dividend Rs 4.70 per share on the paid-up equity share capital of Rs 966.46 crores for the financial year 2017-18.
NALCO has also achieved record growth in production in all fronts. During the first nine months of the current fiscal, NALCO achieved production of 54.40 lakh tonnes of bauxite, as compared to 53.23 lakh tonnes achieved during the comparable period of the previous fiscal.
The company produced 15.51 lakh tonnes of alumina hydrate, against 15.27 lakh tonnes achieved in the corresponding period of the previous financial year.
Metal production was 3.17 lakh tonnes, against 2.86 lakh tonnes during the comparable nine months of the previous fiscal registering a growth of 11 %. The net power generated during the period was 4897 million units up by 9%, compared to 4494 million units achieved in the corresponding period of the previous year. As a committed and responsible green power producer the company has generated 211 million units of wind power during the first 9 months of this fiscal.
Operational efficiency, cost reduction, strategic management decisions and team work of NALCO played a key role in achieving the record profit.
"With robust monetary policy of the Government and demand-supply dynamics brightening, aided by growth in the construction and power sectors, pick-up in the automobile segment as well as firming up of aluminium prices globally, we hope to post similar results in the next mandate," said NALCO CMD Dr Tapan Kumar Chand.
It may be noted that the company has recently released its 'Corporate Plan - 2032' wherein it envisages to reach a turnover of Rs. 18,171 crore by 2024 and Rs.31,248 crore by 2032.