NALCO Q2 net profit declines 34% to INR 226.14 crore

The state-run aluminium maker NALCO today reported a 33.78 per cent decline in its net profit to INR 226.14 crore for the quarter ended September 30.

The National Aluminium Company (NALCO), a Navratana CPSE under the administrative control of Ministry of Mines, had clocked a net profit of INR 341.52 crore in the year-ago period, it said in a BSE filing.

The total income of the aluminium producer fell by 9.04 per cent to INR 1,815.11 crore in July-September quarter of the current fiscal against INR 1,995.52 crore in the same quarter of 2014-15.

Total expenses of the company during the quarter under review fell to INR 1,583.06 crore from INR 1,624.98 crore in the year-ago period.

Net sales, of the Bhubaneswar-based firm from aluminium, fell to 1,150.58 crore in the September quarter of 2015-16 from INR 1,248.69 crore in the same quarter in 2014-15.

The aluminium unit reported a loss of INR 111.05 crore before taxes and interest against a profit of INR 95.36 crore.

The company said it is liable to the District Mineral Foundation at 30 per cent of the royalty payable with effect from January 12, 2015 as per Mines and Minerals (Development and Regulation) Amendment Act, 2015 and MMDR Rules.

NALCO said it had spent INR 126.32 crore until October 2014 in the Utkal B coal block, which was dealloacted last year by the Supreme Court. The mine was alloted to it in August 2004.

"The Ministry of Coal, GoI has decided to allot Utkal D and E coal mines to NALCO in accordance with the provisions of the Coal Mines (Special Provisions) Act, 2015 and directed the National Authority to execute the allotment order in favour of the company," it said.

NALCO's shares had closed at INR 37.30 ascrip on the BSE, up 3.04 per cent from the previous close.

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