NALCO Net swells to Rs 1,342 cr in FY18, pays record dividend

Aluminium major NALCO today said its net profit has doubled to Rs 1,342 crore in 2017-18 from Rs 669 crore recorded in the previous year owing to its new business plan which has put the company on a new growth path.

"The company achieved highest net profit in last 10 years of Rs 1,342 crore in 2017-18 against Rs 669 crore earned in previous year," CMD of NALCO, Tapan Kumar Chand said on the sidelines of the 37th Annual General Meeting of the Navaratna company here.

Highlighting the performance of the company during the last fiscal, Chand said NALCO also achieved the highest-ever turnover of Rs 9,376 crore since inception, registering a growth of 26 per cent over the previous year.

Similarly, export earning of Rs 4,076 crore was also highest-ever since inception registering a growth of 12 per cent over last year.

NALCO was the third highest Net Foreign Exchange Earning central public sector enterprise in the country.

NALCO has also declared a record dividend payout of Rs 1,102 crore, an increase from 56 per cent in 2016-17 to 114 per cent in 2017-18.

The dividend payout, approved in the 37th Annual General Meeting today, works out to Rs 5.70 per equity share of Rs 5 each, a company statement said.

This is the highest dividend payout since the inception of the company in 1981. The total payout, including Dividend Distribution Tax, works out to Rs 1,326.06 crore, as against Rs 651.40 crore in the last fiscal.

Attributing the success to teamwork, strong cost focus and strategic planning, Chand said "the new Business Plan of NALCO has set the company on a growth path. The results are starting to show."