On Tuesday, Hindalco Industries posted a 60 per cent fall in its consolidated net profit of Rs 387 crore for the quarter ended on 30 September, 2020.
The company in a regulatory filing said, “The results were driven by a strong performance by Novelis and India aluminium business, supported by higher volumes and better product mix, lower input costs, stability in operations, and cost saving initiatives.” Hindalco’s copper business also bounced back from its disruption levels in the June quarter with ramping up operations in the September quarter, it added.
During the September quarter, profits from operations increased 83 per cent YoY to Rs 1,785 crore and consolidated revenue from operations grew 5.32 per cent to Rs 31,237 crore. The company’s EBITDA from India aluminium business increased 32 per cent YoY and 25 per cent on a quarter-on-quarter (QoQ) basis to Rs 1,066 crore. Consolidated net debt to EBITDA stood at 3.52 times against 3.83 times in the previous year quarter.
Satish Pai, Managing Director, Hindalco Industries Ltd. commenting on results said, “It is heartening to see a sharp recovery of demand to near pre-Covid levels in India aluminium and copper businesses. Novelis, too, saw a similar rise across segments, except for aerospace.”
Shares of Hindalco Industries Ltd. were traded 0.98 per cent down at Rs 192.70, while the benchmark index Sensex was 1.38 per cent up at 43,186.