 "Hindalco net drops 25%")
Hindalco Industries Ltd, has reported a standalone net profit of Rs 482 crore for the quarter ended March 31, a drop of 25 per cent from the Rs 640 crore reported a year ago.
Higher interest burden contributed to the drop in profit, the company said. Finance costs shot up to Rs 158 crore in the quarter versus Rs 80 crore in the corresponding period last year.
The company said its fourth quarter revenues, too, dropped to Rs 6,994 crore, against Rs 7,647 crore in the year-ago period. Its Ebitda (earnings before interest, taxes, depreciation, and amortisation) fell 25 per cent to at Rs 644 crore. “Robust performance in copper and Novelis (its wholly-owned subsidiary) largely neutralised the margin squeeze in the aluminium business,” said Debu Bhattacharya, managing director, Hindalco.
Hindalco said the margins in its aluminium business fell due to the adverse macroeconomic factors. The average aluminium price on the London Metal Exchange (LME) in 2011-12 was $2,317 per tonne against $1,976 in 2012-13. On a sequential basis, aluminium sales for the company grew eight per cent to Rs 2,396 crore in the March quarter.
Higher interest burden contributed to the drop in profit, the company said. Finance costs shot up to Rs 158 crore in the quarter versus Rs 80 crore in the corresponding period last year.
The company said its fourth quarter revenues, too, dropped to Rs 6,994 crore, against Rs 7,647 crore in the year-ago period. Its Ebitda (earnings before interest, taxes, depreciation, and amortisation) fell 25 per cent to at Rs 644 crore. “Robust performance in copper and Novelis (its wholly-owned subsidiary) largely neutralised the margin squeeze in the aluminium business,” said Debu Bhattacharya, managing director, Hindalco.
Hindalco said the margins in its aluminium business fell due to the adverse macroeconomic factors. The average aluminium price on the London Metal Exchange (LME) in 2011-12 was $2,317 per tonne against $1,976 in 2012-13. On a sequential basis, aluminium sales for the company grew eight per cent to Rs 2,396 crore in the March quarter.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%