Shares of Hindalco Industries Ltd crashed 14% on 13 February after the company announced its quarterly earnings for October-December.

In its quarterly report, the company reported a 71% year-on-year increase in its consolidated net profit at Rs 2,331 crore for the quarter from Rs 1,362 crore reported in the same quarter last year.

The revenue from operations for the quarter stood at Rs 52,808 crore, marking a marginal decline of 0.6% YoY from Rs 53,151 crore reported in the same quarter of the previous fiscal year.

Satish Pai, Managing Director of Hindalco, said, “The copper business registered a record EBITDA, up 20 percent YoY on the back of strong volume growth and robust operations.”

The company’s aluminium upstream business EBITDA (earnings before interest, tax, depreciation, and amortisation) grew by 54% YoY and was supported by stable operations and lower raw material costs.

The revenue from the copper business grew by 16% YoY to Rs 11,954 crore, which was driven by higher sales volume and price.

At 3:30 pm, the shares of Hindalco closed 12.53% lower at Rs 509.45 on NSE.