New Delhi, June 26 (PTI) National Aluminium Co Ltd (Nalco) on Friday posted 57.1 per cent decline in consolidated net profit at Rs 100.51 crore for March quarter due to lower income.
The state-owned company had a profit of Rs 234.82 crore in January-March 2018-19, Nalco said in a filing to BSE.
Income during the quarter under review dropped to Rs 2,042.27 crore from Rs 2,863.89 crore in the year-ago period, the filing said.
Nalco said the outbreak of COVID-19 globally and in India has impacted the business and economic activities in general.
The spread of COVID-19, along with the nationwide lockdown, caused serious threat to human lives, disruption in supply chain and resulted in reduction in global demand.
“The company has used internal and external sources of information including credit reports and related information, economic forecasts. On the basis of analysis of these information and based on the current estimates, the company expects that the carrying amount of assets will be recovered and there will be no significant impact on the liabilities,” it said.
Hence, the management does not envisage any material impact of COVID-19 on its financial statements.
“During the year, the company achieved a net turnover of Rs 8,426 crore, which has been adversely impacted by about Rs 2,900 crore due to fall in global metal prices,” Nalco said in a statement.
“We are optimistic that in the long run with our focus 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 able to tide over the present economic crisis,” Nalco CMD Sridhar Patra said.