I am pleased to present to you the Integrated Annual Report of BALCO for the fiscal year 2022- 23, providing an overview of our financial performance, operational achievements, and commitment towards sustainable growth.
The fiscal year 2022-23 presented us with unique circumstances that required us to navigate through global headwinds. However, we are determined to overcome these challenges and steer the company towards a prosperous future. Although our financial performance was not as robust as the previous year, we remained focused on cost optimization, productivity enhancement, and maximizing shareholder value.
During this fiscal year, BALCO demonstrated resilience and adaptability amidst market uncertainties. Our commitment to cost management and competitive pricing strategies resulted in overall profitability, despite the prevailing market conditions.
In fiscal year 2022-23, BALCO generated a total income of ₹ 13,496 crores, with revenue from operations amounting to ₹ 13,059 crores. This performance was driven by strong sales in both domestic and international markets. We implemented effective cost control measures, which contributed to a gross profit of ₹ 73 crores. Furthermore, amidst the challenges we faced this year, our unwavering focus on operational efficiency, streamlined processes, and optimized resource allocation enabled us to successfully reduce operating expenses, resulting in a fairly resilient bottom line.
Despite market challenges and supply disruptions, BALCO maintained an overall net profit scenario, thanks to our enhanced revenue streams, disciplined financial management, and strategic investments. Our sound financial performance, combined with prudent financial practices, positions us well to navigate market fluctuations and seize growth opportunities. We remain committed to creating long-term value for our shareholders through our solid business fundamentals and our steadfast pursuit of sustainable growth.
As we move forward, we are determined to enhance our operational efficiency and provide our customers with a competitive advantage. We are undergoing an expansion project, incorporating state-of-the-art facilities and equipment which will result in a combined smelting capacity of 1 MTPA through an investment of ~ ₹ 9,000 Crores in near future.
At BALCO, ethical business practices and corporate governance are of paramount importance. We maintain stringent policies and frameworks to ensure good governance throughout the organization. With a focus on transparency and accountability, we conduct regular audits to ensure compliance with regulations and global business standards. Our experienced Board members, with 25% representation of women, provide invaluable guidance and expertise to steer our strategic direction.
Our future plans are centered around achieving accelerated growth. We remain committed to our vision of sustainable growth and value creation. By investing in technology, innovation, and operational excellence, we aim to enhance our competitiveness and ensure longterm success. Our commitment to environmental, social, and governance (ESG) initiatives will be intensified as we work towards our goal of achieving net-zero carbon emissions by 2050.
With our prudent financial practices and a focus on risk management, we are confident in our ability to navigate dynamic market conditions and emerge stronger, thereby creating sustainable value for our shareholders. Sustainability remains at the core of our operations, and we are fully equipped to realize our potential.
We extend our gratitude to all our stakeholders for their unwavering support, which has been instrumental in our success. As we continue on our journey, we look forward to your continued trust and partnership.
Regards,
Chief Financial Officer
