Hindalco Q1 Net Slips 8.36% To Rs 161 Crore

Hindalco Industries Ltd has posted 8.36 per cent decline in the net profit at Rs 161.1 crore for the first-quarter ended June 30, 2001, compared with Rs 175.8 crore in the corresponding quarter of the previous fiscal.

The net sales of the company were down 2.86 per cent at Rs 549 crore (Rs 565.2 crore), while the other income rose by 6.2 per cent to Rs 32.6 crore (Rs 30.7 crore).

The sales during the quarter stood at 60,335 tonne (64,072 tonne). According to the company, the higher volumes during the first-quarter of last fiscal were largely due to the liquidation of higher inventory that was carried-over at the conclusion of fiscal 1999-2000.

During the reporting quarter, Hindalco's realisation has increased over 3 per cent compared with that in the corresponding quarter last fiscal.

The company's exports during the period stood at Rs 68 crore (Rs 88 crore). This, according to the company, was a conscious decision taken to limit the exports in view of domestic demand arising from the temporary closure of the facilities of a domestic producer. Besides, limiting exports was relevant considering the weak international prices in the recent times.

The company has provided Rs 11.1 crore towards provision for deferred tax during the quarter.