Nalco hopes 23% rise in FY11 net to Rs 1,005 cr

State-run aluminium producer National Aluminium Company (Nalco) today said it hopes to clock over 23% rise in net profit for the current fiscal to Rs 1,005 crore on higher metal price.

The company, which reported Rs 814.22 crore net profit in FY10, aims to clock Rs 1,098.24 crore net profit next fiscal and Rs 1,252 crore in 2012-13, it said in a communique to the shareholders.

Nalco, in which the government owns around 87% stake, also hopes that its net sales would go up by 14.27% to Rs 5,777.31 crore in FY11 against Rs 5,055.66 crore in FY10.

Net sales, the company said, is likely to rise further to Rs 6,495.20 crore next fiscal and Rs 6,936.31 crore in FY13, it said assuming the metal price at $2,300/tonne in FY12 and $2400/tonne in FY13.

The country's second-largest aluminium maker, Nalco, had reported 65% rise in net profit in the third quarter of the current fiscal at Rs 255.95 crore from Rs 155.18 crore in the corresponding quarter last fiscal.

This was, among other things, due to an average 16% rise in the price of aluminium to $2,365 a tonne on London Metal Exchange during the quarter, Finance Director BL Bagra, who is also holding the charge of acting Chairman and Managing Director of the company as well, had said.

The price of aluminium jacked up again to $2,500 per tonne towards the end of January this year.

Net sales of the company also rose to Rs 1,425 crore during the quarter from Rs 1,386.47 crore in the year-ago period.