You are here: Home » Companies » News
Business Standard

Hindalco Q2 profit at Rs 393 cr, down 11% due to one-time loss

Judgements pronounced by Supreme Court impact company's bottomline

Aditi Divekar  |  Mumbai 

Hindalco Q2 profit

Hindalco Industries, the country's largest producer, reported lower-than-expected net profit of Rs 393 crore in the September quarter, down 11 per cent from corresponding period last year as exceptional provisioning of Rs 106 crore on various judgements pronounced by the apex court impacted the bottomline.

The topline of the Aditya Birla Group company stood at Rs 10,308 crore in the period under review, up 8 per cent from the same period last year as higher volumes and increased realisations across both the segments (and copper) lent firm support to the company's stream.

As per Bloomberg estimates, the company's was seen at Rs 10,716 crore in the September quarter, while net profit was expected to be at Rs 495 crore.

Standalone in the quarter gone by stood at Rs 5,213 crore, with before interest, taxes, depreciation and amortisation (Ebitda) having grown 18 per cent to Rs 957 crore on year-on-year basis due to supporting macro factors and higher volumes.

Also, revenues from the segment increased Rs 5,097 crore, driven by higher realisation. Ebitda as compared to the previous year soared by 28 per cent to Rs 467 crore consequent to higher by-product realisation and supportive macro factors, partially offset by lower volumes due to certain operational issues.

The company's cathode production was 96 kilotonne down 10 per cent, because of operational issues and CC Rod production at 39 kilotonne, down 7 percent as compared to Q2 FY2017, mainly due to subdued

For Utkal alumina refinery, its Ebitda in the September quarter surged 18 per cent to Rs 201 crore on the back of higher realization. Utkal alumina continues to be amongst the lowest cost producers globally. During the quarter, Utkal Alumina refinery produced 380 kilotonne of alumina, up 1 per cent vis-a-vis the previous year, said Hindalco in its release.

On its efforts towards deleveraging its balance sheet, the company prepaid project of Rs 5,686 crore for standalone business and Rs 2,280 crore at Utkal. Till date, Hindalco's total prepayment has stood at Rs 7,966 crore in FY18.

Shares of ended 1.45 per cent down on BSE at Rs 268 per share from the previous close.

 

First Published: Sat, November 04 2017. 00:21 IST
RECOMMENDED FOR YOU