National Aluminium Company Ltd

nalcoindia.com BSE: 532234 NSE : NATIONALUM

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 ]

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. ^#

NALCO enjoys premium pricing of $80-100 over LME prices in aluminium division. ^#

NALCO derives major component of its profitability from sale of alumina and is a smaller player in terms of aluminium capacity ^#

Capacity
NALCO has a 73.02 lakh TPA bauxite mine & 21.60 lakh TPA (normative capacity) alumina refinery located at Damanjodi in Odisha, and 4.60 lakh TPA aluminium smelter & 1200MW captive power plant located at Angul in Odisha. ^#

Growth
Bauxite volumes have grown at 4.09% from 47 lakh MT in FY09 to 73.02 lakh MT in FY20

Alumina hydrate volumes have grown at 2.91% from 15.77 lakh MT in FY09 to 21.61 lakh MT in FY20

Exports have grown at 4.85% from 2085 cr. in FY09 to 3511 cr. FY20.

Website BSE NSE

Market Cap ₹ 11,203 Cr.
Current Price ₹ 60.0
High / Low ₹ 61.2 / 24.4
Stock P/E 24.1
Book Value ₹ 54.2
Dividend Yield 2.50 %
ROCE 2.23 %
ROE 1.33 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 1.11 times its book value
Company has been maintaining a healthy dividend payout of 116.46%

Cons

The company has delivered a poor sales growth of 2.79% over past five years.
Company has a low return on equity of 8.24% for last 3 years.
Promoter holding has decreased over last 3 years: -8.70%

Peer comparison

Sector: Non Ferrous Metals Industry: Aluminium and Aluminium Products

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	2,973	3,041	2,719	2,766	2,084	2,364	2,088	1,936	1,381	2,375	2,379
	1,962	2,190	2,206	2,249	1,870	2,331	2,054	1,730	1,252	2,099	1,945
Operating Profit	1,011	851	513	518	214	32	34	206	129	276	434
OPM %	34%	28%	19%	19%	10%	1%	2%	11%	9%	12%	18%
Other Income	153	91	76	8	61	57	48	106	33	24	36
Interest	1	1	1	1	2	2	2	1	2	2	2
Depreciation	122	116	118	120	126	134	134	135	136	143	170
Profit before tax	1,042	825	471	405	148	-47	-53	177	25	155	299
Tax %	34%	38%	36%	42%	34%	40%	36%	43%	33%	31%	20%
Net Profit	687	511	302	235	98	-28	-34	101	17	107	240
EPS in Rs	3.56	2.64	1.62	1.26	0.52	-0.15	-0.18	0.54	0.09	0.57	1.28
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
	7,383	6,817	7,543	9,509	11,499	8,472	8,070
	5,510	5,858	6,473	8,159	8,607	7,985	7,026
Operating Profit	1,873	959	1,070	1,351	2,893	487	1,045
OPM %	25%	14%	14%	14%	25%	6%	13%
Other Income	821	659	377	1,170	327	273	200
Interest	167	3	3	2	2	6	6
Depreciation	414	426	480	480	476	530	584
Profit before tax	2,113	1,189	964	2,039	2,741	224	655
Tax %	37%	34%	31%	34%	37%	39%
Net Profit	1,322	787	668	1,342	1,734	136	464
EPS in Rs	5.13	3.05	3.45	6.94	9.29	0.73	2.48
Dividend Payout %	34%	65%	81%	82%	62%	205%

Compounded Sales Growth
10 Years:	%
5 Years:	3%
3 Years:	4%
TTM:	-13%

Compounded Profit Growth
10 Years:	%
5 Years:	-35%
3 Years:	-42%
TTM:	44%

Stock Price CAGR
10 Years:	-6%
5 Years:	13%
3 Years:	-4%
1 Year:	79%

Return on Equity
10 Years:	%
5 Years:	7%
3 Years:	8%
Last Year:	1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	1,289	1,289	966	966	933	933	933
Reserves	11,509	11,906	9,239	9,537	9,552	9,054	9,184
Borrowings	-0	-0	51	45	67	12	33
	3,380	3,515	4,245	4,064	4,596	4,549	4,875
Total Liabilities	16,178	16,710	14,501	14,613	15,147	14,548	15,025
	6,645	6,596	7,144	7,139	7,286	7,485	7,641
CWIP	550	688	566	915	883	1,427	1,313
Investments	950	1,011	1,260	710	257	331	655
	8,032	8,416	5,531	5,849	6,722	5,306	5,416
Total Assets	16,178	16,710	14,501	14,613	15,147	14,548	15,025

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %		9%	9%	11%	26%	2%
Debtor Days	6	13	9	10	8	6
Inventory Turnover		2.69	3.00	3.65	4.05	2.98

Shareholding Pattern

Numbers in percentages

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
60.20	56.17	56.59	56.77	52.00	52.00	52.00	51.50	51.50	51.50	51.50	51.50
6.41	7.09	9.00	11.10	11.92	10.99	10.77	11.80	11.30	9.04	7.16	7.22
21.21	23.96	21.17	18.72	19.73	18.99	16.92	15.64	14.20	13.82	9.97	9.76
12.17	12.78	13.24	13.41	16.35	18.02	20.31	21.06	23.00	25.64	31.37	31.52

National Aluminium Company Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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