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Hindalco Industries profit rises threefold

16 May, 2018 5:34 PM
47 0

Higher aluminium, copper prices help

Hindalco Industries Ltd. of the Aditya Birla Group reported a more than threefold jump in consolidated net profit to ₹6,083 crore for the year ended March 31 as compared with ₹1,900 crore in the previous year. Consolidated revenue rose 12.8% to ₹1,15,809 crore for FY18.

Standalone revenue for Hindalco’s India operations rose 9.38% to ₹43,451 crore for FY18. Supported by higher aluminium and copper volumes and better realisation, the company reported a 36% rise in net profit to ₹1,934 crore for the year.

Hindalco reported a 12.8% rise in standalone fourth-quarter net profit to ₹616 crore compared with a year earlier. Revenue in the period fell to ₹11,681 crore from ₹11,817 crore.

Hindalco will invest ₹1,600 crore in FY19, compared with ₹1,100 crore in FY18, said Satish Pai, MD, Hindalco Industries. The company’s subsidiary Novelis achieved ‘record results in FY18,’ the company said in a statement. Revenue grew 20% to $11.5 billion, driven by higher average aluminium prices, record shipments and better product mix. Total shipments of flat rolled products grew 4% to 3,188 kilotonne. Adjusted EBITDA grew by 12% to $1.215 billion, compared to $1.0 billion in FY17, mainly on account of higher shipments, operational efficiencies and a favorable product mix partially offset by lower can prices. PAT was at $ 635 million, compared to $45 million in FY17.

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Source: thehindu.com

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