Nalco Q4 net more than doubles at INR 355 crore

State-run National Aluminium Company (Nalco) on Saturday reported a more than doubling of its net profit of INR354.87 crore for the fourth quarter ended March on the back of an exceptional gain as against INR172.45 crore in the same quarter a year ago.

The Bhubaneshwar-headquarterd Nalco said in a stock exchange filing that during the quarter in question there was an out-of-court settlement with the Odisha government regarding "disputed electricity duty, interest on unpaid electricity duty and the duty on transmission and transportation (T&T) loss".

The exercise resulted in "increase in profit before tax by INR148.42 crore, which has been considered as an exceptional item", it said.

Nalco's total income for the quarter, however, fell by 2 percent to INR1,801.25 crore, from INR1,838.20 crore in the year-ago period.

For the fiscal 2014-15, Nalco's net profit also more than doubled to INR 321.85 crore from INR642.35 crore in the previous fiscal. Total income rose by 9 percent to INR7,382.81 crore from INR6,780.85 crore during the same period.

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