Hindalco Industries reported its consolidated loss of Rs 709 crore on Friday, for the April-June quarter of the current financial year. The company’s Profit After Tax (PAT) stood at Rs 139 crore from Rs 1,063 crore in the June quarter previous year. The operational revenue of company dropped at Rs 25,283 crore, from Rs 29, 972 crores in the same period corresponding year.
Aditya Birla Group in a statement said, “on account of certain special items, which includes charitable contributions towards COVID relief, ex-gratia paid employees for their contribution during COVID, and Aleris acquisition costs, the reported PAT was impacted”.
Novelis delivers an Industry-High Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) per tonne, with a strong contribution of Aleris. The company said automotive customers of Novelis are trending upwards across different regions by reaching Pre-Covid production levels and recording automotive shipments in China.
In the early April-June quarter, Novelis had to shut down some of its facilities to align with customer demands and reducing operation costs temporarily. In May, Novelis was able to resume production back safely and reliably for meeting increased order levels.
Novelis is a global leader in aluminium and copper. It has also reported steady quarterly results, and exporting nearly about 80 % of production and maintaining sales volumes in Indian aluminium business. The acquisition of Aleris is completed by Novelis on 14 April, and since then the integration process has begun.