Hindalco dips 1.5% on Rs 709 crore loss in June quarter

Shares of Hindalco Industries slipped 1.5 per cent to Rs 180.65 on the BSE on Friday aftet the company reported its June quarter result.The company reported loss of Rs 709 crore in the recently concluded quarter, as against a profit of Rs 1,063 crore in the year-ago period. Sequentially, the profit was Rs 668 crore in the March quarter of FY20. That apart, its revenue from operations skid from Rs 29,972 crore in Q1FY20 to Rs 25,283 crore in the June quarter of this fiscal. EBITDA came in at Rs 2,359 crore, down from Rs 3,769 crore reported in the corresponding quarter of the previous fiscal. 

The pre-tax loss, but after exceptional loss of Rs 419 crore, stood at Rs 600 crore. In the year-ago quarter, there was an exceptional loss of Rs 22 crore, leading to a pre-tax profit of Rs 1,556 crore. 

The Board approved appointment of Anant Maheshwari as an Independent Director, with effect from 14th August, 2020 for a tenure of 5 years. It also took note of an e-mail sent by Ram Charan informing the Board of Directors about his decision to step down from the Company’s Board, due to his increasing commitments. "Charan confirmed that there is no other material reason for his resignation, except as mentioned above," the company said in a filing.

At 2:24 pm, the stock was trading 0.5 per cent lower at Rs 182.6 on the BSE, as against 593 points, or 1.56 per cent, dip in the S&P BSE Sensex. A combined 23.52 million shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.