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NALCO earns ₹1,835 crore in September quarter, declares ₹4.50 interim dividend
The state-owned aluminium maker's profit slipped from the June quarter as margins narrowed, but its first-half earnings ran well ahead of last year.
Key points
- Quarterly profit came to ₹1,835 crore, down 8.4% from the June quarter.
- Operating margin narrowed to 44.5% from 51.1%.
- The board declared an interim dividend of ₹4.50 a share, record date 6 November.
National Aluminium Company (NALCO), the state-owned aluminium and alumina maker, on Monday night reported a profit of ₹1,835 crore for the September quarter and declared an interim dividend for shareholders.
Profit fell 8.4% from ₹2,003 crore in the June quarter, even as revenue from operations edged up 2.2% to ₹5,419 crore. The squeeze came in operating earnings: EBITDA dropped 11% to ₹2,411 crore and the margin narrowed to 44.5% from 51.1%, a fall of about 660 basis points.
NALCO, June vs September quarter (₹ crore)
The half-year picture is far stronger. For April to September, NALCO earned a profit of ₹3,837.47 crore, up about 54% from ₹2,497.03 crore a year earlier, on revenue of ₹10,721.82 crore against ₹8,099.28 crore.
The board declared an interim dividend of ₹4.50 a share, 90% of the ₹5 face value, which works out to roughly ₹826 crore on its paid-up capital of ₹918.32 crore. The record date is Friday, 6 November, and the payout will be made on or before 1 December. The Centre, as the majority owner, takes the largest share.
The auditors again drew attention to two wind power plants whose revenue is not recognised, because power purchase agreements with the Rajasthan government are still pending. The dispute is before the Rajasthan High Court, and the auditors said it did not change their review conclusion.
The results came after the market closed. NALCO shares will react when trading opens on Tuesday.