India’s National Aluminium Company Limited (Nalco) reported a rise in the production of bauxite, alumina hydrate and aluminium. The company reported 7.30mn mt of bauxite production in 2019-2020, up from 7.23mn mt in 2018-2019. The company reported 2.16mn mt of alumina hydrate production, up from 2.15mn mt in 2018-2019 in an alumina refinery. The company reported 418,000mt of aluminium production in the fiscal year 2019-2020, down from 440,000mt in 2018-2020.
Nalco’s Q4 net profit dropped by 56pc to Rs1.03bn ($13.61mn) and FY2020 net profit plunged by 92pc to Rs17.32bn impacted by a slump in global metal prices. In FY2020, the company achieved a net turnover of Rs8,426 crore, which was down by about Rs2,900 crore due to a drop in global aluminium prices. The export turnover of the company for the fiscal was Rs. 3,511 crore.
Going ahead, the opening of new coal blocks and backward integration of raw materials like caustic soda will help the company tide over the current economic crisis, according to Sridhar Patra of CMD Nalco. The company claimed that despite weakness in the international metal market and falling LME prices, it managed to restrict the impact by increasing production, improving sales.
($1= Rs75.58)