Bhubaneswar: National Aluminium Company Ltd (NALCO) on Sunday said during the 2017-18 financial year, the company achieved the highest net profit in the last 10 years of Rs 1,342 crore against Rs 669 crore in the previous year. In the fourth quarter, the company has earned a net profit of Rs 257.06 crore.
"The year 2017-18 has been a very rewarding year for NALCO on all fronts. We are looking beyond earning just profits. We have improved on all parameters - record production, highest sales and turnover. While focusing on the present, we are ensuring we don't lose sight of what the future holds," said NALCO Chairman-cum-Managing Director Tapan Kumar Chand.
The aluminum major said that it is preparing a game-changing business model that will bring an additional Rs 935 crore net profit to the company.
"The model provides for focusing operation of Utkal-D coal block, commissioning of 1 million tonne alumina refinery, setting up of Wire Rod Mill 3, bringing into stream Caustic Soda Plant and others," Chand said.
The one million tonne per annum capacity fifth stream alumina refinery brownfield project at existing alumina refinery at Damanjodi is expected to be completed by April 2021.The estimated project cost is Rs 5,540 crore, he added.
He further said that NALCO is also tying up with ALMEX of the US for high-end value products.
NALCO will also be promoting micro and small industries downstream through a cashless model of providing aluminium ingots and taking back finished products for marketing. It said this will create employment and boost the business environment in Odisha.
The development of Utkal D and Utkal E coal mines at Angul is expected to be completed by 2019-20 and 2022-23 respectively.
The Angul Aluminium Park being set up through a joint venture by NALCO and the Odisha Industrial Infrastructure Development Corporation at Angul is expected to commence operations by 2019-20, said a statement.
with agency inputs