Nalco Q1 net profit vaults 69% to Rs271 crore

State-owned National Aluminium Company (Nalco) has reported a 69.4 per cent jump in net profit for the first quarter (April-June) of the current financial year, at Rs271 crore, on the back of strong operational performance.

The Navratna PSU had reported a net profit of Rs160 crore in the corresponding quarter of the previous financial year ended 30 June 2013.

The PSU under the ministry of mines reported a 7.65 per cent increase in its income from operations to Rs1,680 crore during the quarter ended 30 June 2014 compared to Rs1,560.55 in the year-ago period.

Operating income (EBITDA) jumped 81 per cent year-on-year to Rs277 crore with 670 basis points surge in margin to 16.5 per cent compared to same quarter last year, the board of directors of the company announced after a meeting in New Delhi.

Other income of the company rose 6.5 per cent to Rs190.4 crore from Rs178.7 crore while total expenses declined 2 per cent to Rs1,499 from Rs1,532 crore due to a fall in raw material, power and fuel and depreciation costs.

Tax provisioning nearly doubled to Rs105.3 crore from Rs58.3 crore year-on-year.

During the quarter, Nalco produced 14.04 lakh tonnes of bauxite, 4.076 lakh tonnes of alumina and 79,240 tonnes of aluminium, according to a company release.

However, the company has been able to post higher profits due to reduced consumption of coal, caustic soda and other raw materials, the release said.

The total alumina sale during the quarter was at 3.15 lakh tonnes, primarily through exports.

Aluminium sales, including domestic sales and exports, stood at 77,400 tonnes, it said.