Hindalco net profit jumps 381% in Q1

Copper and aluminium maker Hindalco Industries on Friday reported a whopping 381 per cent jump in its stand-alone net profit to Rs 294 crore in the quarter ended June 30, as compared to Rs 61 crore in the corresponding period last year.

In the period under review, revenue from operation stood at Rs 7,597.3 crore, down 11 per cent from Rs 8,575.3 crore in the same period last year due to sharp decline in realisations.

"In spite of the fall in aluminium realisations, year-on-year, aluminium revenues were higher by 8 per cent on the back of strong volume growth, however a 28 per cent drop in copper revenues negated this increase," the company said in a statement.

Company's profit before interest, tax, depreciation and amortisation (PBITDA) was at Rs 1,351 crore, up 34 per cent from the corresponding period last year.

During the quarter, alumina production at 708 kilo tonne (kt) was 10 per cent higher from the year-ago period and aluminium metal production stood at 308 kt, up 17 per cent year-on-year basis.

"Higher production, improved efficiencies with stabilisation of operations and supportive input costs resulted in a higher EBITDA of Rs 901 crore, an increase of 64 per cent over the corresponding quarter of the previous year," the statement said.

Copper business was impacted due to lower production volumes. Cathode production during the quarter was 65 kt. The EBITDA of copper segment was 29 per cent lower year-on-year at Rs 284 crore.

--IANS

bdc/pgh/vm