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 12,572 Cr.
  • Current Price 68.4
  • High / Low 82.3 / 29.1
  • Stock P/E 27.1
  • Book Value 55.1
  • Dividend Yield 3.65 %
  • ROCE 2.23 %
  • ROE 1.33 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • 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: -8.92%
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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

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:-2%
5 Years:10%
3 Years:3%
1 Year:112%
Return on Equity
10 Years:%
5 Years:7%
3 Years:8%
Last Year:1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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

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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