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Hindalco Industries slips after Novelis' Q4 earnings

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Hindalco Industries fell 1% to Rs 198.60 at 10:13 IST on BSE after wholly-owned subsidiary, Novelis, reported a 5.5% decline in net income to $103 million in Q4 March 2019 over Q4 March 2018.

Hindalco Industries made the announcement after market hours yesterday, 8 May 2019.

Meanwhile, the S&P BSE Sensex was down 116.52 points, or 0.31% to 37,672.61.

On the BSE, 1.18 lakh shares were traded in the counter so far compared with average daily volumes of 2.64 lakh shares in the past two weeks. The stock had hit a high of Rs 202 and a low of Rs 197.55 so far during the day. The stock hit a 52-week high of Rs 259.70 on 4 October 2018. The stock hit a 52-week low of Rs 182.55 on 15 February 2019.

Novelis, the wholly-owned subsidiary of Hindalco Industries, posted a 5.5% decline in net income at $103 million in the quarter ended on 31 March 2019. It posted a net income of $109 million in the year-ago period, Hindalco said in a filing to BSE. Net sales increased 1% over the prior year to $3.1 billion in the fourth quarter of fiscal 2019, driven by higher total shipments, partially offset by lower average aluminum prices.

Shipments of flat rolled products increased 8% to 870 kilotonnes. Adjusted EBITDA for the fourth quarter of fiscal 2019 increased 12% to $357 million as compared to $319 million in the prior year. This increase reflects the favorable impacts from higher shipments, improved product mix, and favorable metal costs.

Novelis Inc. is a leading producer of rolled aluminum and the global leader in beverage can recycling.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 09 2019. 10:21 IST
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