Nalco's Q1 net profit dips 26% to Rs 135 crore

Aluminium maker Nalco on Monday reported a 36 per cent fall in its standalone net profit at Rs 135 crore for the quarter ended June 30, 2016.

The state-run firm had clocked a net profit of Rs 174.32 crore in the year-go period, it said in a BSE filing.

Total standalone income of the Navratna firm rose by 4 per cent to Rs 1,549 crore in April-June quarter of this financial year (FY) from Rs 1,491.27 crore during the same quarter in the FY 2015-16.

Its total expenses were higher at Rs 1,473.19 crore from Rs 1,361.63 crore during the period under review.

The firm's Rs 2,835 crore offer to buyback 64.43 crore shares opened last month on August 30 and will close this week on September 14.

The offer size represents 22.15 per cent of the aggregate of the fully paid-up share capital and free reserves of the Navratna company for the FY ended March 31, 2015.

In May, public sector units had announced plans to buyback shares not exceeding 64,43,09,628, representing 25 per cent of the total number of equity shares in paid-up share capital of the firm.

The buyback is at a price of Rs 44 per share payable in cash for an aggregate consideration not exceeding Rs 2,834.96 crore.

The government holds 80.93 per cent stake in Nalco.