Hindalco FY10 profit at Rs 3,925 cr

Hindalco Industries, the flagship metals firm of the Aditya Birla Group, today posted a consolidated net profit of Rs 3,925.47 crore for the year ended March 31, 2010.

The company had reported a consolidated net profit of Rs 483.89 crore in the previous fiscal.

Figures for the reporting period were not comparable with the corresponding period a year ago due to adoption of a new accounting system by the company, Hindalco Industries said in a statement.

The company has recommended a dividend of 135 per cent, or Rs 1.35 per share, for the 2009-10 financial year.

The company's net sales stood at Rs 60,562.55 crore for the year ended March, 2010, against Rs 65,752.41 crore in the previous fiscal.

On a standalone basis, the company posted a net profit of Rs 1,915.63 crore for the year ended March, 2010, while the same was Rs 2,230.27 crore in the corresponding fiscal.

The company posted net sales of Rs 19,408.02 crore for the year ended March 31, 2010, while the the same was Rs 18,052.97 crore in the previous fiscal.

"The outlook of the company remains cautiously optimistic for FY11 before the quantum growth leap," Hindalco said.

Net sales of the company's subsidiary, Novelis, stood at $8.7 billion, while the same was $10.2 billion in the previous fiscal.

The company's Australian subsidiary, Aditya Birla Minerals, reported a profit after tax of AUD 61.4 million, against a net loss of AUD 76 million in the previous year.

"Sustained cost management resulted in a turnaround in financial performance," the company said.

Shares of Hindalco Industries today closed at Rs 147.85 on the BSE, up 1.23 per cent from the previous close.