National Aluminium Company Ltd

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]

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Website BSE NSE
  • Market Cap ₹ 16,254 Cr.
  • Current Price ₹ 88.5
  • High / Low ₹ 102 / 29.1
  • Stock P/E 9.97
  • Book Value ₹ 58.2
  • Dividend Yield 3.95 %
  • ROCE 12.8 %
  • ROE 12.6 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 104.61%

Cons

  • The company has delivered a poor sales growth of 5.61% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 10.20% for last 3 years.
  • Promoter holding has decreased over last 3 years: -4.89%

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 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
3,041 2,719 2,766 2,084 2,364 2,088 1,936 1,381 2,375 2,379 2,821 2,475
2,190 2,206 2,249 1,870 2,331 2,054 1,727 1,252 2,099 1,945 1,877 1,894
Operating Profit 851 513 518 214 32 34 208 129 276 434 944 581
OPM % 28% 19% 19% 10% 1% 2% 11% 9% 12% 18% 33% 23%
Other Income 90 76 7 61 57 48 106 33 24 36 53 32
Interest 1 1 1 2 2 2 1 2 2 2 2 2
Depreciation 116 118 120 126 134 134 135 136 143 170 157 149
Profit before tax 825 470 403 148 -47 -53 179 25 155 299 838 462
Tax % 38% 36% 42% 34% 40% 36% 43% 33% 31% 20% -12% 25%
Net Profit 510 302 234 98 -28 -34 103 17 107 240 936 348
EPS in Rs 2.64 1.62 1.25 0.52 -0.15 -0.18 0.55 0.09 0.58 1.29 5.09 1.89
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
5,056 6,057 6,612 6,916 6,781 7,383 6,818 7,543 9,509 11,499 8,472 8,956 10,050
4,040 4,364 5,335 5,841 5,644 5,759 5,911 6,463 8,112 8,607 7,983 7,173 7,815
Operating Profit 1,015 1,693 1,277 1,075 1,137 1,624 907 1,080 1,397 2,893 489 1,783 2,235
OPM % 20% 28% 19% 16% 17% 22% 13% 14% 15% 25% 6% 20% 22%
Other Income 544 353 520 511 508 1,070 711 368 1,124 326 273 147 145
Interest 85 101 132 176 203 167 3 3 2 2 6 7 7
Depreciation 319 422 467 505 525 414 426 480 480 476 530 606 619
Profit before tax 1,155 1,524 1,198 905 918 2,113 1,189 965 2,039 2,740 226 1,317 1,753
Tax % 30% 30% 29% 34% 30% 37% 34% 31% 34% 37% 39% 1%
Net Profit 814 1,069 850 593 642 1,322 787 669 1,342 1,732 138 1,300 1,631
EPS in Rs 3.16 4.15 3.30 2.30 2.49 5.13 3.05 3.46 6.94 9.29 0.74 7.08 8.85
Dividend Payout % 20% 36% 30% 54% 60% 34% 65% 81% 82% 62% 202% 49%
Compounded Sales Growth
10 Years:4%
5 Years:6%
3 Years:-2%
TTM:29%
Compounded Profit Growth
10 Years:2%
5 Years:12%
3 Years:22%
TTM:2757%
Stock Price CAGR
10 Years:4%
5 Years:14%
3 Years:13%
1 Year:178%
Return on Equity
10 Years:7%
5 Years:9%
3 Years:10%
Last Year:13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions Corp actions Equity History
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
644 1,289 1,289 1,289 1,289 1,289 1,289 966 966 933 933 918
Reserves 9,751 9,876 10,426 10,644 10,834 11,509 11,906 9,239 9,538 9,552 9,055 9,762
Borrowings 9 15 0 0 0 0 0 51 45 67 12 46
2,872 3,769 3,806 4,400 4,426 3,380 3,515 4,245 4,064 4,596 4,549 3,984
Total Liabilities 13,276 14,949 15,521 16,333 16,549 16,178 16,710 14,502 14,614 15,147 14,550 14,711
4,836 5,494 6,612 6,629 6,792 6,645 6,596 7,144 7,139 7,286 7,485 7,660
CWIP 2,243 1,707 684 1,002 769 550 688 566 915 883 1,427 1,575
Investments 987 1,332 754 1,490 1,245 951 1,010 1,261 711 257 332 562
5,210 6,417 7,470 7,212 7,743 8,031 8,416 5,531 5,849 6,722 5,306 4,913
Total Assets 13,276 14,949 15,521 16,333 16,549 16,178 16,710 14,502 14,614 15,147 14,550 14,711

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,172 1,630 887 441 981 520 881 1,436 1,590 2,409 -349 2,199
-593 -768 -82 -877 78 566 314 1,550 -490 -532 873 -1,404
-295 -219 -431 -229 -515 -506 -544 -3,616 -1,100 -1,731 -677 -600
Net Cash Flow 283 643 373 -664 544 580 651 -630 1 146 -153 195

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 13 7 8 8 13 6 13 9 10 8 6 6
Inventory Days 442 555 422 457 382 411 352 389 288 231 463 411
Days Payable 700 348 150 168 173 155 213 284 232 245 211 262
Cash Conversion Cycle -245 214 280 296 222 262 151 114 66 -7 258 156
Working Capital Days -11 -61 -32 -54 -60 8 10 -22 -10 -26 -8 12
ROCE % 12% 15% 11% 9% 9% 16% 9% 9% 12% 26% 2% 13%

Shareholding Pattern

Numbers in percentages

Insider trades
Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
56.59 56.77 52.00 52.00 52.00 51.50 51.50 51.50 51.50 51.50 51.28 51.28
9.00 11.10 11.92 10.99 10.77 11.80 11.30 9.04 7.16 7.22 8.38 8.64
21.17 18.72 19.73 18.99 16.92 15.64 14.20 13.82 9.97 9.76 9.64 11.46
13.24 13.41 16.35 18.02 20.31 21.06 23.00 25.64 31.37 31.52 30.70 28.63

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