Hindalco Q4 net profit drops 48% to Rs 248 crore

The firm had reported a profit of Rs 482 crore in the fourth quarter of 2012-13

Leading metals producer Hindalco Industries today reported a 48.51% decline in standalone net profit to Rs 248.15 crore in the fourth quarter ended March 31, mainly due to exceptional items.

The flagship firm of the Aditya Birla group had reported a profit of Rs 482.03 crore in the fourth quarter of 2012-13.

Profit was lower mainly on account of exceptional items of about Rs 396 crore, the company said in a statement.

The exceptional items relate to levies of Rs 324 crore as Uttar Pradesh entry tax and Rs 72 crore in Madhya Pradesh, the company said, adding it has contested both in the Supreme Court.

Hindalco's revenue from operations rose 20.60% to Rs 8,435.06 crore as both the aluminium and copper segments reported increased sales, it said in a BSE filing.

Aluminium production in Q4 at 175 Kt reflects the ramping up of capacity in Mahan, company said, adding that copper cathode production was recorded at 96 Kt.

"There has been an all-round improvement in performance in volumes and results in both the businesses of the company," it said.

Total expenses increased 20% to Rs 7,835 crore.

For the year ended March 31, Hindalco reported a 16.82% drop in standalone net profit to Rs 1,413.33 crore. Net sales increased to Rs 27,850.93 crore from Rs 26,056.93 crore in 2012-13.

On a consolidated basis, Hindalco's net profit declined 28.14% to Rs 2,175.01 crore in 2013-14. The consolidated results include those of Novelis Inc, its wholly owned US subsidiary, and Aditya Birla Minerals Ltd, Australia.

The company said its greenfield projects Aditya Aluminium and Mahan Aluminium, as well as that of wholly owned subsidiary Utkal Alumina International Ltd, started operations during the year and are increasing output.

Hindalco shares gained 1.43% to close at Rs 149.25 on the BSE.