Hindalco Industries has moved higher by 3% at Rs 119, bouncing back almost 5% from day’s low of Rs 113, on reporting a better-than-expected a net profit of Rs 640 crore the quarter ended March 2012, on back of higher volume and realization. The analyst expected Rs 497 crore from the country’s largest aluminium company. Net sales grew 12% at Rs 7,647 crore on year-on-year basis.
The company’s copper business has reported higher profit growth due to higher production, improved efficiencies, higher treatment and refining charges (TcRC) and by-product credit, offset to some extent by higher energy costs.
“The company is confident to mitigate the cost pressure to a larger extent on the strengths of integration in operation and operational efficiencies, despite of the volatile commodity prices and spiraling energy cost,” the Aditya Birla Group company said in a filing to the stock exchanges.
As many as a combined 14.7 million shares have already changed hands on the counter so far, against an average 7 million shares that were traded daily in past two weeks.
