Public sector aluminium
major NALCO on Wednesday said it continued to be an industry leader promoting inclusive growth and productivity in its plants as well as mines despite COVID-19 pandemic and economic downturn.
Speaking at the 39th Annual General Meeting of the Navaratna company held on virtual platform, CMD Sridhar Patra said the year 2019-20 has been a year of mixed results for National Aluminium Company (NALCO).
"In spite of an extremely challenging business environment, coupled with slump in prices and onset of COVID- 19 pandemic in the last quarter of the year, we have made exemplary contributions in promoting and putting focus on plant, production, productivity and people," Patra said.
He said that sustainability has now become a part of NALCO's key business processes. The CMD said the year was a testimony to the company being a partner in progress in promoting inclusive growth as an industry leader and spreading happiness amongst people.
The outbreak of COVID-19 pandemic has aggravated the situation with lockdowns /shutdown, which resulted in further downward movement of price of both alumina and aluminium, he said.
"After Q1 of 2020-21 there are some signs of recovery with easing of restrictions and resumption of economic activities. This gives rays of hope for better financial performance," the NALCO CMD said.
While downward price movement, coupled with COVID-19 pandemic had resulted in lower turnover and profit during 2019-20, furtherance to declaration of unlock, the economic activities have resumed partially and market demand has partially picked up. However, it will take some more time to attain a normal business situation, Patra said.
Describing 2019-20 as a year of stellar performances in terms of production and productivity under challenging business environments, he said NALCO has once again proved its mettle by registering record performance in terms of physical performances.
Referring to physical performance, Patra said mines achieved 73.02 lakh tonnes of bauxite transportation which is highest ever since inception.
Similarly, alumina refinery has achieved 102.9 per cent of normative capacity - 21 lakh tone - with production of 21.61 lakh tonnes of alumina hydrate, which is also the highest ever since inception, he said.
Aluminium Smelter has achieved metal production of 4.18 lakh tonne in 2019-20 which was optimised considering the availability of coal and price of aluminium, he said, adding that aluminium smelter has achieved lowest ever DC energy consumption of 13,367 KWh/tonne and lowest ever net carbon consumption of 422.8 Kg/tonne.
The company has been rated as the lowest cost producer of bauxite and alumina in the world for the year 2019 by Wood Mackenzie, he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)