NALCO registers more than 100 per cent growth in 2017-18 compared to the previous year
New Delhi, May 29 (IBNS): Aided by global benchmarking, National Aluminium Company Limited (NALCO) doubled its net profit, and registered more than 100 per cent growth amounting to Rs.1,342 crore in 2017-18 against Rs.669 crore last year, according to the Union Ministry of Mines.
In a release on Tuesday, the ministry said that NALCO, a Navratna PSU under the ministry, has achieved the global benchmark of low cost producer in Bauxite mining and Alumina making.
According to the audited financial results for 2017-18, taken on record by the Board of Directors in a meeting on May 26, during the Financial Year 2017-18, NALCO has registered more than 100% growth i.e., Rs. 1342.19 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.
During the year, NALCO was the third highest net Foreign Exchange Earning CPSE in the country.
NALCO's net sales turnover for the year was Rs. 9,377 crore (highest ever since inception) registering a growth of 26 per cent over last year.
Export earning of Rs. 4,076 crore also highest ever since inception registering a growth of 12 per cent over last year, the ministry said.