National Aluminium Company Ltd

₹ 78.4 -3.51%
03 Feb - close price
nalcoindia.com BSE: 532234 NSE : NATIONALUM
About

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

Lowest cost producer of Alumina and Bauxite
NALCO is a navaratna public sector undertaking (PSU) with integrated bauxite-alumina-aluminum-power operations that makes them lowest cost producer of alumina and bauxite in India. [1]

NALCO enjoys premium pricing of $80-100 over LME prices in aluminium division. [2]

NALCO derives major component of its profitability from sale of alumina and is a smaller player in terms of aluminium capacity [3]

Website BSE NSE
  • Market Cap ₹ 14,408 Cr.
  • Current Price ₹ 78.4
  • High / Low ₹ 133 / 67.0
  • Stock P/E 5.53
  • Book Value ₹ 71.1
  • Dividend Yield 8.29 %
  • ROCE 34.0 %
  • ROE 25.4 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Stock is trading at 1.10 times its book value
  • Stock is providing a good dividend yield of 8.29%.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 33.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 97.4%

Cons

  • Company has a low return on equity of 13.6% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Non Ferrous Metals Industry: Aluminium and Aluminium Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
2,364 2,088 1,936 1,381 2,375 2,379 2,821 2,475 3,592 3,773 4,341 3,783 3,490
2,331 2,054 1,727 1,252 2,099 1,945 1,877 1,894 2,465 2,583 2,722 2,915 3,155
Operating Profit 32 34 208 129 276 434 944 581 1,127 1,191 1,619 869 334
OPM % 1% 2% 11% 9% 12% 18% 33% 23% 31% 32% 37% 23% 10%
57 48 106 33 24 36 53 32 42 72 151 63 69
Interest 2 2 1 2 2 2 2 2 2 2 18 4 4
Depreciation 134 134 135 136 143 170 157 149 152 151 384 150 154
Profit before tax -47 -53 179 25 155 299 838 462 1,016 1,109 1,368 778 246
Tax % 40% 36% 43% 33% 31% 20% -12% 25% 26% 25% 25% 26% 31%
Net Profit -28 -34 103 17 107 240 936 348 748 831 1,026 579 170
EPS in Rs -0.15 -0.18 0.55 0.09 0.58 1.29 5.09 1.89 4.07 4.52 5.58 3.15 0.93
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
6,057 6,612 6,916 6,781 7,383 6,818 7,543 9,509 11,499 8,472 8,956 14,181 15,387
4,364 5,335 5,841 5,644 5,759 5,911 6,463 8,112 8,607 7,983 7,174 9,664 11,375
Operating Profit 1,693 1,277 1,075 1,137 1,624 907 1,080 1,397 2,893 489 1,782 4,517 4,012
OPM % 28% 19% 16% 17% 22% 13% 14% 15% 25% 6% 20% 32% 26%
353 520 511 508 1,070 711 368 1,124 326 273 147 298 355
Interest 101 132 176 203 167 3 3 2 2 6 7 23 28
Depreciation 422 467 505 525 414 426 480 480 476 530 606 837 839
Profit before tax 1,524 1,198 905 918 2,113 1,189 965 2,039 2,740 226 1,317 3,955 3,501
Tax % 30% 29% 34% 30% 37% 34% 31% 34% 37% 39% 1% 25%
Net Profit 1,069 850 593 642 1,322 787 669 1,342 1,732 138 1,300 2,952 2,605
EPS in Rs 4.15 3.30 2.30 2.49 5.13 3.05 3.46 6.94 9.29 0.74 7.08 16.07 14.18
Dividend Payout % 36% 30% 54% 60% 34% 65% 81% 82% 62% 202% 49% 40%
Compounded Sales Growth
10 Years: 8%
5 Years: 13%
3 Years: 7%
TTM: 37%
Compounded Profit Growth
10 Years: 14%
5 Years: 34%
3 Years: 19%
TTM: 15%
Stock Price CAGR
10 Years: 5%
5 Years: 2%
3 Years: 21%
1 Year: -33%
Return on Equity
10 Years: 9%
5 Years: 13%
3 Years: 14%
Last Year: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
1,289 1,289 1,289 1,289 1,289 1,289 966 966 933 933 918 918 918
Reserves 9,876 10,426 10,644 10,834 11,509 11,906 9,239 9,538 9,552 9,055 9,762 11,636 12,132
15 0 0 0 0 0 51 45 67 12 102 77 125
3,769 3,806 4,400 4,426 3,380 3,515 4,245 4,064 4,596 4,549 3,928 4,646 4,493
Total Liabilities 14,949 15,521 16,333 16,549 16,178 16,710 14,502 14,614 15,147 14,550 14,711 17,278 17,669
5,494 6,612 6,629 6,792 6,645 6,596 7,144 7,139 7,286 7,485 7,660 7,343 7,647
CWIP 1,707 684 1,002 769 550 688 566 915 883 1,427 1,575 2,235 2,319
Investments 1,332 754 1,490 1,245 951 1,010 1,261 711 257 332 562 377 877
6,417 7,470 7,212 7,743 8,031 8,416 5,531 5,849 6,722 5,306 4,913 7,322 6,826
Total Assets 14,949 15,521 16,333 16,549 16,178 16,710 14,502 14,614 15,147 14,550 14,711 17,278 17,669

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,630 887 441 981 520 881 1,436 1,590 2,409 -349 2,199 3,958
-768 -82 -877 78 566 314 1,550 -490 -532 873 -1,404 -2,619
-219 -431 -229 -515 -506 -544 -3,616 -1,100 -1,731 -677 -601 -1,140
Net Cash Flow 643 373 -664 544 580 651 -630 1 146 -153 195 199

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 7 8 8 13 6 13 9 10 8 6 6 2
Inventory Days 555 422 457 382 411 352 389 288 231 463 411 324
Days Payable 348 150 168 173 155 213 284 232 245 211 262 287
Cash Conversion Cycle 214 280 296 222 262 151 114 66 -7 258 156 39
Working Capital Days -61 -32 -54 -60 8 10 -22 -10 -26 -8 13 -9
ROCE % 15% 11% 9% 9% 16% 9% 9% 12% 26% 2% 13% 34%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
51.50 51.50 51.50 51.50 51.28 51.28 51.28 51.28 51.28 51.28 51.28 51.28
11.30 9.04 7.16 7.22 8.38 8.64 15.22 13.30 18.03 16.71 14.69 15.05
14.20 13.82 9.97 9.76 9.64 11.46 10.34 10.39 8.76 10.13 12.58 12.49
23.00 25.64 31.37 31.52 30.70 28.63 23.16 25.03 21.93 21.88 21.45 21.17

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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