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Nalco records impressive performance in 1st half of 2016-17

Bhubaneswar, Oct 13: National Aluminium Company Limited (Nalco), the Navratna PSU under the Union Mines Ministry has put up an impressive performance in the first half of 2016-17 fiscal.

According to a Nalco press release, in production front, while the bauxite mining was up 23.6% at 35.08 lakh tonnes, as compared to the corresponding six months of the previous financial year, the alumina hydrate production was up 5.1% at 9.68 lakh tonnes, against the corresponding period of last year. During the period, the company produced 1.88 lakh tonnes of aluminium, which is 4.2% higher than the production of the corresponding period of FY 2015-16. Nalco’s net power generation has also gone up by 3.6% at 2945 million units as compared to the corresponding period of the previous fiscal. Nalco also generated 130 million units of wind power registering an increase of 14.7% as compared to the corresponding figure of the previous fiscal.

In terms of sales too, the company registered an excellent performance despite the sluggishness prevailing in the international market. NALCO’s alumina hydrate sales during the 1st half, was up 8.5% at 5.81 lakh tonnes as compared to the first six months of 2015-16. During the period, the company sold 1.81 lakh tonnes of aluminium, which is up 5.8% compared to the corresponding period of the previous fiscal.

Despite sluggish market, the company made a PAT of Rs.731 crore in 2015-16 and Rs.135 crore in the first quarter of current fiscal, when 70% aluminium companies world over have reported loss, as also reduced production, reeling under heavy pressure.

Meanwhile, the Union Minister of Power, Coal, New and Renewable Energy and Mines Piyush Goyal has asked Nalco to prepare a prospective future plan to raise its aluminium smelting capacity to 20 lakh tonnes per annum from the present 4.6 lakh tonnes. The allotment of Pottangi Bauxite Mines and Utkal D & E Coal Blocks in Odisha, besides recent bridge linkage from Coal India, would lead the company towards realization of this vision.

Moreover, NALCO has set a capex target of Rs.1021 crore for 2016-17, which includes projects like development of Utkal D & E Coal Blocks, Wind Power Projects of 50 MW each in Maharashtra and Rajasthan, addition of 5th stream in the existing Alumina Refinery at Damanjodi in Odisha, Aluminium Park at Angul in Odisha, a 20 MW Solar Power Project in Madhya Pradesh, other expansion and modernization activities. With NALCO’s all-round growth and decisions paving way for better prospects, the company is all set to emerge as a global player and shall have a competitive edge when the market regains buoyancy.  

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