Nalco has performed successfully amid market downturn: Chand

Bhubaneswar: Navratna CPSU Nalco's performance has been sound, even as about 70 per cent aluminium smelters across the world reported loss.

"Nalco has remained profitable all through by successfully handling the market downturn, by maximising bauxite mining and alumina refining, adding new pots and augmenting production, besides effecting several cost reduction measures, particularly in raw material and energy consumption," Nalco CMD T K Chand said while addressing a gathering on the occasion of Independence Day here.

Informing that the Odisha-based aluminium major has been declared by London-based Wood Mackenzie as the lowest cost producer of Alumina, Chand noted that the performance of Nalco during the 2015-16 fiscal has been quite encouraging with a gross turnover of Rs 7,157 crore and net profit of Rs 731 crore.

"During 2015-16, Nalco has increased dividend payment to shareholders from 35 per cent to 40 per cent. Its share price in the market has gone up from Rs 36.55 in July 2015 to Rs 47.50," Chanda said, adding the market capitalisation has also improved from around Rs 9,000 crore to Rs 12,200 crore.

He said till July, in the ongoing fiscal, Nalco has produced 23,18,371 metric tonnes of Bauxite (growth of 32.45 per cent over corresponding period of last year), while the company produced 6,49,200 metric tonnes of Alumina hydrate (growth of 12.88 per cent over corresponding period last year).

"There is a saying, 'Fortune favours the Brave'. This is apt in case of Nalco facing the market blizzard bravely and coming out successful. This could not have been possible without a concerted effort of all employees," he said. (More) PTI AAM DKB