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Nalco: Alumina steals the show

Apr 29, 2004

National Aluminum Corporation (Nalco) is the largest alumina producer and second largest producer of primary aluminum in the country. The company is a strong player in the aluminium business with fully integrated operations from mining to smelting, aided by captive power. Consequently, it is amongst the lowest cost aluminium producers in the world. The company has continued with its impressive performance during the March quarter by registering a YoY bottomline growth of 50% on the back of a 35% topline growth. For the full year also, the PAT has surged 41% while the topline has increased by 22%. However, the encouraging fact is the sharp improvement in operating margins of the company from 38.3% in 4QFY03 to 51.1% in 4QFY04.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net Sales 7,225 9,753 35.0% 25,643 31,145 21.5%
Other Income 899 461 -48.7% 2,306 1,994 -13.5%
Expenditure 4,460 4,770 6.9% 15,692 17,073 8.8%
Operating Profit (EBDIT) 2,765 4,983 80.2% 9,951 14,073 41.4%
Operating Profit Margin (%) 38.3% 51.1%   38.8% 45.2%  
Interest 141 218 54.9% 1,057 998 -5.6%
Depreciation 1,033 1,433 38.7% 3,687 4,578 24.2%
Profit before Tax 2,490 3,793 52.3% 7,514 10,491 39.6%
Tax 735 1,163 58.3% 2,305 3,134 36.0%
Profit after Tax/(Loss) 1,755 2,630 49.8% 5,209 7,356 41.2%
Net profit margin (%) 24.3% 27.0%   20.3% 23.6%  
No. of Shares (m) 644 644   644 644  
Diluted Earnings per share* 10.9 16.3   10.8 11.4  
P/E Ratio         15.2  

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