Hindalco Q1 standalone net profit up 43 per cent to Rs 414 cr

Aditya Birla Group flagship Hindalco today reported a 42.75 per cent jump in its standalone net profit to Rs 414 crore for the first quarter ended June 30, 2018.

The aluminium maker had clocked a standalone net profit of Rs 290 crore in the corresponding period a year-ago.

"Profit After Tax has doubled to Rs 734 crore in Q1 FY19, up by 102 per cent vs Rs 364 crore in Q1 FY18, driven by higher EBITDA and lower finance costs," a company statement said.

It said its revenue (India operations) stood at Rs 10,670 crore for the quarter under review.

"It achieved the highest ever quarterly EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) of Rs 1,951 crore, up by 17 per cent compared to Q1 FY18, on the back of supporting macros, operating excellence and higher by-products realisation in the copper business," the statement said.

This was despite increase in the input costs, mainly of coal and furnace oil, it said, adding that the interest expense was lower by 23 per cent at Rs 464 crore, mainly on account of re-pricing of long term project loans and loan re-payments made during last year.

Talking about new initiatives and projects, the company said the new Copper Continuous Cast Rod Plant ramp up is on schedule.

Besides, Utkal Alumina's brownfield capacity expansion of 500Kt is on schedule and is expected to be completed by FY21.

The Aluminium revenue for Q1 FY19 stood at Rs 5,667crore for Hindalco and Utkal Alumina.

"Alumina (including Utkal Alumina) production was marginally lower at 695Kt (kilo tonnes) vs 724 Kt in the corresponding period last year. Aluminium Value Added Products was at 113 Kt vs 116 kt in Q1 FY18. This level was sustained,despite challenges thrown by an increasing flow of imports," the company said.

The revenue from Copper segment was at Rs 5,006 crore in Q1 FY19 vs Rs 5,403 crore in Q1 FY18, the company said.

"This was impacted due to lower volumes on account of a planned maintenance shutdown in Q1 FY19 at one of the smelters.