Bhubaneswar: State-owned aluminium major Nalco is hoping to record a net profit of over Rs 1,600 crore and revenues of Rs 12,000 crore during the current fiscal, a top official said Sunday.
“We have a corporate plan to increase the turnover from the existing level of Rs 10,000 crore to Rs 30,000 crore. This year itself, we are likely to register a gross turnover of more than Rs 12,000 crore,” CMD of the Navaratna PSU, Tapan Kumar Chand said.
Chand informed the company is likely to register a net profit of more than Rs 1,600 crore during the current fiscal as it aims to add alumina production by one million tonne (MT) and aluminium production by 1.2MT.
During 2017-18 fiscal, Nalco achieved its highest net profit in the last 10 years at Rs 1,342 crore, up from Rs 669 crore recorded in the previous fiscal.
Chand was speaking during the Republic Day celebrations of the company here Saturday.
Chand likened NALCO to a ‘mini India’ where people belonging to different segments of the country are striving continuously towards making the Navratna PSU the pride of the nation.
He further said that from its inception, Nalco has aimed to become a global leader and since 2015 it has started achieving global benchmark in bauxite and alumina production.
“We have a dream to see our company as a giant global player. The Union government has also cleared the company’s proposal to float Khanij Bidesh (KABIL) to acquire mining assets abroad,” Chand informed.
NALCO’s export earning of Rs 4,075 crore during 2017-18 is also the highest ever since inception registering a growth of 12 per cent over previous year, said another company official.