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 ₹ 16,217 Cr.
  • Current Price ₹ 88.4
  • High / Low ₹ 128 / 37.4
  • Stock P/E 7.14
  • Book Value ₹ 63.2
  • Dividend Yield 3.96 %
  • 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 105.59%

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: -5.31%

Peer comparison

Sector: Non Ferrous Metals Industry: Aluminium and Aluminium Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
2,719 2,766 2,084 2,364 2,088 1,936 1,381 2,375 2,379 2,821 2,475 3,592
2,206 2,249 1,870 2,331 2,054 1,730 1,252 2,099 1,945 1,877 1,894 2,465
Operating Profit 513 518 214 32 34 206 129 276 434 944 581 1,127
OPM % 19% 19% 10% 1% 2% 11% 9% 12% 18% 33% 23% 31%
Other Income 76 8 61 57 48 106 33 24 36 53 32 43
Interest 1 1 2 2 2 1 2 2 2 2 2 2
Depreciation 118 120 126 134 134 135 136 143 170 157 149 152
Profit before tax 471 405 148 -47 -53 177 25 155 299 838 461 1,016
Tax % 36% 42% 34% 40% 36% 43% 33% 31% 20% -12% 25% 26%
Net Profit 302 235 98 -28 -34 101 17 107 240 936 347 748
EPS in Rs 1.62 1.26 0.52 -0.15 -0.18 0.54 0.09 0.57 1.28 5.09 1.89 4.07
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
7,383 6,817 7,543 9,509 11,499 8,472 8,956 11,267
5,510 5,858 6,464 8,113 8,607 7,985 7,173 8,181
Operating Profit 1,873 959 1,079 1,397 2,893 487 1,783 3,086
OPM % 25% 14% 14% 15% 25% 6% 20% 27%
Other Income 821 659 368 1,124 327 273 147 164
Interest 167 3 3 2 2 6 7 7
Depreciation 414 426 480 480 476 530 606 628
Profit before tax 2,113 1,189 964 2,039 2,741 224 1,316 2,614
Tax % 37% 34% 31% 34% 37% 39% 1%
Net Profit 1,322 787 668 1,342 1,734 136 1,299 2,271
EPS in Rs 5.13 3.05 3.45 6.94 9.29 0.73 7.07 12.33
Dividend Payout % 34% 65% 81% 82% 62% 205% 49%
Compounded Sales Growth
10 Years: %
5 Years: 6%
3 Years: -2%
TTM: 45%
Compounded Profit Growth
10 Years: %
5 Years: 12%
3 Years: 23%
TTM: 1092%
Stock Price CAGR
10 Years: 5%
5 Years: 10%
3 Years: 9%
1 Year: 125%
Return on Equity
10 Years: %
5 Years: 9%
3 Years: 10%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
1,289 1,289 966 966 933 933 918 918
Reserves 11,509 11,906 9,239 9,537 9,552 9,054 9,761 10,683
Borrowings 0 0 51 45 67 12 46 127
3,380 3,515 4,245 4,064 4,596 4,549 3,984 4,614
Total Liabilities 16,178 16,710 14,501 14,613 15,147 14,548 14,709 16,342
6,645 6,596 7,144 7,139 7,286 7,485 7,660 7,802
CWIP 550 688 566 915 883 1,427 1,575 1,487
Investments 950 1,011 1,260 710 257 331 560 958
8,032 8,416 5,531 5,849 6,722 5,306 4,913 6,095
Total Assets 16,178 16,710 14,501 14,613 15,147 14,548 14,709 16,342

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
520 881 1,436 1,590 2,409 -349 2,199
566 314 1,550 -490 -532 873 -1,404
-506 -544 -3,616 -1,100 -1,731 -677 -600
Net Cash Flow 580 651 -630 1 146 -153 195

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 6 13 9 10 8 6 6
Inventory Days 411 352 389 288 231 463 411
Days Payable 155 213 284 232 245 211 262
Cash Conversion Cycle 262 151 114 66 -7 258 156
Working Capital Days 8 10 -22 -10 -26 -8 12
ROCE % 9% 9% 11% 26% 2% 13%

Shareholding Pattern

Numbers in percentages

Insider trades
Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
56.77 52.00 52.00 52.00 51.50 51.50 51.50 51.50 51.50 51.28 51.28 51.28
11.10 11.92 10.99 10.77 11.80 11.30 9.04 7.16 7.22 8.38 8.64 15.22
18.72 19.73 18.99 16.92 15.64 14.20 13.82 9.97 9.76 9.64 11.46 10.34
13.41 16.35 18.02 20.31 21.06 23.00 25.64 31.37 31.52 30.70 28.63 23.16

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