Coal news and updates

Nalco: Utkal-E Coal Block and Pottangi Bauxite Mines to be operationalized soon

Bhubaneswar: In the 42^nd Annual General Meeting held here today through virtual mode, the shareholders of National Aluminium Company Limited (NALCO), a Navratna CPSE under the Ministry of Mines, Govt. of India, have approved the Annual Accounts for 2022-23 with a sales turnover of Rs.14,171 crore, net profit of Rs.1,544 crore and an export turnover of Rs.4,217 crore.

The shareholders also approved a final dividend of 20% i.e. ₹ 1 per equity share. It may be mentioned that earlier the company had paid dividend of Rs. 918.32 crore during FY 22-23.  

In FY 2022-23, the Aluminium major NALCO achieved highest-ever Bauxite excavation and produced 21.23 lakh tonne Alumina Hydrate against the normative capacity of 21 lakh tonne – which is 101.1 per cent capacity utlisation.

Similarly, on the sales front, the company has also registered the highest-ever metal sale of 4.64 lakh tonne which also includes the highest-ever domestic metal sale. Though the plants have become more than 40 years old, they have operated beyond 100% rated capacity because of proper upkeep and maintenance.

Addressing the shareholders on the occasion, Sridhar Patra, CMD, NALCO, appreciated the trust of shareholders and unstinted support of NALCO collective for achieving highest ever production and noteworthy revenue figures.

Patra further said that the higher input cost, volatility in business environment as well as dynamics of global demand-supply has impacted NALCO’s profit margins in spite of the fact that the company has registered growth in several fronts in FY 2022-23.

NALCO always been in forefront in partnering the progress of our nation with its well-planned strategies for self-sufficiency in the aluminum value chain. It holds the crown of being the lowest cost producer of Bauxite & Alumina in the world. The focus of the company is now on early completion of the 5th Stream Refinery project and development of Pottangi Bauxite Mines and operationalization of the remaining allotted coal Block in Odisha, said Patra.  

NALCO’s workforce exhibited exemplary dedication and sense of commitment which helped the company in achieving extraordinary performance. We aim at ensuring a sustainable business that contributes to overall progress of the country and inclusive growth of the society and deliver long-term value to our stakeholders, added Patra, CMD, NALCO.