With the metal sector being affected the worst, NALCO took a conscious decision of introducing an all weather business model.
Bhubaneswar: Aluminium major NALCO aims to raise its net profit to more than Rs 2,000 crore by 2020 and Rs 2,500 crore in next three years using a new business model, a top company official said on Friday.
When the global economy was reeling under economic slowdown, with the metal sector being affected the worst, NALCO took a conscious decision of introducing an all weather business model that focuses on bench marking and quantification, chairman and managing director, Tapan Kumar Chand said.
"With the business model in place, the company doubled its net profit from Rs 669 crore in 2016-17 to Rs 1,342 crore in 2017-18. Now the company is all set to scale higher on financial front and envisages achieving a net profit of more than Rs 2,000 crore by 2020 and Rs 2,500 crore in the next three years," the Nalco CMD said.
Chand was speaking after inaugurating a National management conference (NamCon-2019) on "Weatherproof organisation: Challenging the Challenge" here.
Besides, to retain business excellence, the company has consistently been working on with focus on sustainability through innovation, adoption of new technology, lower production cost and nurturing its human resources, he said.
Achievements give motivation and purpose gives objectivity to any organisation but to remain sustainable and successful, business organisations need to have insulation from detrimental effects of business environment, he said.
"One must remain well aware in advance of the changes in technology, statutory regulations and preferences of the customers" said Chand.