Nalco Q1 profit dips 41% at Rs 223cr on higher fuel costs
Mumbai: State-owned aluminium maker Nalco on Tuesday reported 40.80 percent dip in net profit at Rs 223.08 crore for the April-June quarter on higher power and fuel costs.
The Bhubneswar-based firm had clocked Rs 376.84 crore net profit during the same quarter of last fiscal, it said in a BSE filing.
Total income of the company, which produces chemicals and generates electricity apart from making aluminium, was down marginally to Rs 1,748.07 crore during the reporting quarter, as against Rs 1,762.53 crore in the year-ago period.
Aluminium contributed Rs 1,248 crore to the total income, chemicals Rs 760 crore and electricity Rs 515 crore.
Total expenses, however, went up to Rs 1,566.20 crore, primarily on account of higher power and fuel costs, from Rs 1,247.87 crore a year ago.
Power and fuel comprised Rs 604.64 crore of the total expenses during the quarter, compared to Rs 480.76 crore in the year-ago period.
Nalco said 'other expenses' also went up to Rs 309.50 crore during the quarter compared to Rs 263.89 crore a year ago. However, the company did not give further explanations.
Besides, Nalco had a Rs 85.84 crore income on exceptional items during the April-June quarter of last fiscal. This was nil during the April-June quarter of the current fiscal.
The company's scrip was trading at Rs 54.15 apiece on the BSE in the afternoon trade, up 0.56 percent over the previous close.