National Aluminium Company Ltd

About [ edit ]

National Aluminium Company Limited, abbreviated as NALCO, (incorporated in 1981) is a Navratna group ‘A’ CPSE. NALCO is engaged in the business of manufacturing and selling of Alumina and Aluminium. The Company is the lowest-cost producer of metallurgical grade alumina in the World and lowest-cost producer of Bauxite in the world as per Wood McKenzie report.
The Company is operating a 22.75 lakh TPA Alumina Refinery plant located at Damanjodi in Koraput district of Odisha and 4.60 lakh TPA Aluminium Smelter located at Angul, Odisha.

Key Points [ edit ]
  • Market Cap 12,709 Cr.
  • Current Price 69.2
  • High / Low 82.3 / 29.1
  • Stock P/E 27.2
  • Book Value 55.1
  • Dividend Yield 3.61 %
  • ROCE 2.24 %
  • ROE 1.35 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 115.48%

Cons

  • The company has delivered a poor sales growth of 2.79% over past five years.
  • Company has a low return on equity of 8.33% for last 3 years.
  • Promoter holding has decreased over last 3 years: -8.92%
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,863 2,973 3,041 2,719 2,766 2,084 2,364 2,088 1,936 1,381 2,375 2,379
2,373 1,962 2,190 2,206 2,249 1,870 2,331 2,054 1,727 1,252 2,099 1,945
Operating Profit 490 1,011 851 513 518 214 32 34 208 129 276 434
OPM % 17% 34% 28% 19% 19% 10% 1% 2% 11% 9% 12% 18%
Other Income 64 153 90 76 7 61 57 48 106 33 24 36
Interest 1 1 1 1 1 2 2 2 1 2 2 2
Depreciation 127 122 116 118 120 126 134 134 135 136 143 170
Profit before tax 426 1,042 825 470 403 148 -47 -53 179 25 155 299
Tax % 40% 34% 38% 36% 42% 34% 40% 36% 43% 33% 31% 20%
Net Profit 257 687 510 302 234 98 -28 -34 103 17 107 240
EPS in Rs 1.33 3.55 2.64 1.62 1.25 0.52 -0.15 -0.18 0.55 0.09 0.58 1.29

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
5,095 5,056 6,057 6,612 6,916 6,781 7,383 6,818 7,543 9,509 11,499 8,472 8,070
3,326 3,976 4,364 5,475 5,841 5,693 5,510 5,858 6,463 8,158 8,607 7,983 7,023
Operating Profit 1,769 1,079 1,693 1,136 1,075 1,087 1,873 960 1,080 1,351 2,893 489 1,047
OPM % 35% 21% 28% 17% 16% 16% 25% 14% 14% 14% 25% 6% 13%
Other Income 513 480 353 660 511 558 821 658 368 1,170 326 273 200
Interest 82 85 101 132 176 203 167 3 3 2 2 6 6
Depreciation 272 319 422 467 505 525 414 426 480 480 476 530 584
Profit before tax 1,927 1,155 1,524 1,198 905 918 2,113 1,189 965 2,039 2,740 226 657
Tax % 34% 30% 30% 29% 34% 30% 37% 34% 31% 34% 37% 39%
Net Profit 1,272 814 1,069 850 593 642 1,322 787 669 1,342 1,732 138 467
EPS in Rs 4.94 3.16 4.15 3.30 2.30 2.49 5.13 3.05 3.46 6.94 9.29 0.74 2.51
Dividend Payout % 25% 20% 36% 30% 54% 60% 34% 65% 81% 82% 62% 202%
Compounded Sales Growth
10 Years:5%
5 Years:3%
3 Years:4%
TTM:-13%
Compounded Profit Growth
10 Years:-16%
5 Years:-35%
3 Years:-42%
TTM:45%
Stock Price CAGR
10 Years:-2%
5 Years:11%
3 Years:2%
1 Year:106%
Return on Equity
10 Years:7%
5 Years:7%
3 Years:8%
Last Year:1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
644 644 1,289 1,289 1,289 1,289 1,289 1,289 966 966 933 933 933
Reserves 9,126 9,751 9,876 10,426 10,644 10,834 11,509 11,906 9,239 9,538 9,552 9,055 9,186
Borrowings 0 9 15 0 0 0 0 0 51 45 67 12 33
2,555 2,872 3,769 3,806 4,400 4,426 3,380 3,515 4,245 4,064 4,596 4,549 4,875
Total Liabilities 12,324 13,276 14,949 15,521 16,333 16,549 16,178 16,710 14,502 14,614 15,147 14,550 15,026
4,032 4,836 5,494 6,612 6,629 6,792 6,645 6,596 7,144 7,139 7,286 7,485 7,641
CWIP 2,837 2,243 1,707 684 1,002 769 550 688 566 915 883 1,427 1,313
Investments 896 987 1,332 754 1,490 1,245 951 1,010 1,261 711 257 332 657
4,560 5,210 6,417 7,470 7,212 7,743 8,031 8,416 5,531 5,849 6,722 5,306 5,416
Total Assets 12,324 13,276 14,949 15,521 16,333 16,549 16,178 16,710 14,502 14,614 15,147 14,550 15,026

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
1,938 1,172 1,630 887 441 981 520 881 1,436 1,590 2,409 -349
-2,198 -593 -768 -82 -877 78 566 314 1,550 -490 -532 873
-388 -295 -219 -431 -229 -515 -506 -544 -3,616 -1,100 -1,731 -677
Net Cash Flow -647 283 643 373 -664 544 580 651 -630 1 146 -153

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 22% 12% 15% 11% 9% 9% 16% 9% 9% 12% 26% 2%
Debtor Days 2 13 7 8 8 13 6 13 9 10 8 6
Inventory Turnover 2.44 2.62 2.46 2.87 2.76 2.47 2.45 2.69 3.00 3.65 4.05 2.98

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
56.17 56.59 56.77 52.00 52.00 52.00 51.50 51.50 51.50 51.50 51.50 51.28
7.09 9.00 11.10 11.92 10.99 10.77 11.80 11.30 9.04 7.16 7.22 8.38
23.96 21.17 18.72 19.73 18.99 16.92 15.64 14.20 13.82 9.97 9.76 9.64
12.78 13.24 13.41 16.35 18.02 20.31 21.06 23.00 25.64 31.37 31.52 30.70

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