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Nalco targets 700 crore more in revenue this fiscal

 

KOLKATA | May 25, 2017: National Aluminium Company Limited (Nalco) has targeted a revenue of Rs 8,100 crore from operations in 2017-18, which is nearly Rs 700 crore higher than the previous year, according to a MoU signed between the company and the union mines ministry for the current financial year. The MoU, which was drawn up in line with new guidelines of the Department of Public Enterprise and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines, sets targets in production, productivity, turnover and capital expenditure (capex) for 2017-18. The MoU was signed between Arun Kumar, Secretary, ministry of mines and Tapan Kumar Chand, CMD, Nalco in New Delhi on Thursday.

 

As per the MoU, the target for revenue from operations has been fixed at Rs 8,100 crore (net of excise), which is Rs 700 crore more than previous year. The MoU has also set 100% targets for production of both bauxite and alumina with volumes fixed at at 6.825 million tonne and 2.1 million tonnes, respectively. The target for aluminium production has been set at 4.4 lakh tonne in FY18 as compared to the previous fiscal. The production targets, an all-time high for the company, is expected to boost Nalco’s profitability despite increase in expenses on account of enhanced electricity duty, RPO obligations, employee wage revision and power & fuel oil, a statement issued by the state owned major said.

 

The company has a capex target of Rs 1,158 crore against Rs 873 crore of capex achieved in 2016-17. These expenses will be on a new and ongoing projects like the one million tonne refinery, Utkal-D&E coal blocks, solar and wind power projects, modernization and up-gradation of plant & equipment.

 

In a related move on the human resource front, the company has set a new HR succession plan, HR Audit, online ACR and organized training in leading business institutes for its employees. The plan will help the the company synchronize its workforce needs and skill sets in line with the new business plan, which is in an advanced stage finalization, the statement added.

 

 

(Source: http://economictimes.indiatimes.com/)