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Home STOCKS Nalco Q4 final results: Profit drops 57% to Rs 101 crore

Nalco Q4 final results: Profit drops 57% to Rs 101 crore

New Delhi: Countrywide Aluminium Co Ltd (Nalco) on Friday posted 57.1 per cent decline in consolidated net profit at Rs 100.51 crore for March quarter owing to lessen earnings.
The condition-owned organization had a profit of Rs 234.82 crore in January-March 2018-19, Nalco stated in a filing to BSE.
Revenue through the quarter beneath evaluate dropped to Rs 2,042.27 crore from Rs 2,863.89 crore in the yr-back time period, the filing reported.
Nalco explained the outbreak of COVID-19 globally and in India has impacted the company and financial pursuits in basic.
The spread of COVID-19, alongside with the nationwide lockdown, triggered critical menace to human lives, disruption in supply chain and resulted in reduction in global demand.
“The firm has applied inner and external sources of data which includes credit experiences and connected details, financial forecasts. On the basis of assessment of these information and facts and based on the current estimates, the corporation expects that the carrying sum of assets will be recovered and there will be no important influence on the liabilities,” it mentioned.
As a result, the management does not envisage any material impression of COVID-19 on its fiscal statements.
“For the duration of the yr, the organization achieved a web turnover of Rs 8,426 crore, which has been adversely impacted by about Rs 2,900 crore owing to drop in worldwide metal charges,” Nalco claimed in a statement.
“We are optimistic that in the extended run with our concentration on increasing the production in mining and refining segments, opening up of the new coal blocks, backward integration in supply of key raw materials like caustic soda, we shall be ready to tide about the existing economic crisis,” Nalco CMD Sridhar Patra claimed.

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