Hindalco suffers 40% drop in Q1 net
Total income declined to Rs53,382 cr in June qtr from Rs58,229 cr; Net profit falls to Rs2,454 cr
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New Delhi Hindalco Industries Ltd on Tuesday posted over 40 per cent fall in its net profit to Rs 2,454 crore for the quarter ended on June 30, dragged by lower income.
It had clocked a net profit of Rs 4,119 crore in the April-June period of the preceding 2022-23 fiscal, according to an exchange filing.
The company's total income also declined to Rs 53,382 crore from Rs 58,229 crore in the year-ago period. Expenses were at Rs 50,055 crore as against Rs 52,185 crore a year ago.
In a separate statement, Satish Pai, Managing Director of Hindalco Industries, said, "FY24 has started on a promising note. Our focus on expanding our value-added portfolio and operational efficiencies has enabled us to deliver sustained performance in the face of continued macroeconomic pressures." He further said that despite significant market headwinds, Novelis has continued to show sequential improvement in adjusted EBITDA at $421 million and at $479 EBITDA per tonne, backed by record sales of automotive aluminium sheets.
Revenue of Novelis, Hindalo's Atlanta-based subsidiary, stood at $4.1 billion, down 7 per cent quarter-on-quarter, impacted by lower average aluminium prices and subdued shipments, the company statement said.
In the first quarter, the revenue from Aluminium (India) downstream business was at Rs 2,435 crore, down from Rs 2,738 crore in the prior quarter.
The revenue from the copper business stood at Rs 11,502 crore, up 3 per cent q-o-q, driven by higher sales volumes.
Aditya Birla group company Hindalco Industries is the world's largest aluminium company by revenue, and a major player in copper serving more than half of India's copper requirement.
