Hindalco dives into red, posts Q1 consolidated pre-tax loss of Rs 600 cr

Hindalco Industries posted a consolidated pre-tax loss of Rs 600 crore in the June quarter compared to a profit before tax of Rs 1,556 crore in the same period last year on lower revenue and exceptional expenses incurred amid the pandemic.

The company’s consolidated net sales in the quarter gone by stood at Rs 25,283 crore, down 15.6 per cent from same period last year. This is due to the coronavirus outbreak, which shut smelters in the beginning of the quarter with realisation also taking a hit due to weak demand. Earlier, Novelis had to temporarily shut down some of