Hindalco Industries posts 37 pc fall in net profit to Rs 2,411 cr in Q4
- The expenses were higher at Rs 53,372 crore
- Novelis reported a 7 per cent year-on-year fall in net income at USD175 million
The company had posted a net profit of Rs 3,860 crore during the January-March quarter of 2021-22, the company said in a regulatory filing.
Total income of the company was Rs 56,209 crore in the quarter under review against Rs 56,057 crore in the year-ago quarter.
The expenses were higher at Rs 53,372 crore against Rs 51,026 crore a year ago due to a rise in power and fuel charges, employee benefit expenses and inventory costs.
The company's Managing Director (MD) Satish Pai in a statement said, "Our copper business delivered exceptional results recording its highest-ever EBITDA, driven by robust market demand, stable operations and higher value-added product sales.
"We also continue to drive our holistic ESG approach with specific targets that go beyond carbon emissions, and encompass other planet-critical aspects like waste, biodiversity, water positivity, and community inclusion."
He further said Novelis has shown quarter-on-quarter recovery supported by improved product pricing and favourable product mix.
Novelis, Hindalo's Atlanta-based subsidiary, reported a 7 per cent year-on-year (y-o-y) fall in its net income at USD 175 million during the quarter, the company statement said.
"Its total shipments of flat rolled products were at 936 kt (kilo tonne) in Q4 FY23 vs 987 kt in Q4 FY22, down 5 per cent y-o-y, and up 3 per cent q-o-q supported by higher aerospace and record automotive shipments in Q4.
"Its revenue in Q4 FY23 stood at USD 4.4 billion over USD 4.8 billion in FY22, down 8 per cent YoY, impacted by lower average aluminium prices and subdued sales volume y-oy," it said.
Hindalco shares declined by 0.77 per cent to settle at Rs 407.05 on BSE