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Hindalco Inds slides after weak Q1 numbers

Hindalco Industries fell 3.48% to Rs 174.75 at 15:02 IST on BSE after consolidated net profit fell 27.93% to Rs 1,063 crore on 3.55% decline in revenue from operations to Rs 29,972 crore in Q1 June 2019 over Q1 June 2018.

The result was announced during market hours today, 9 August 2019.

Meanwhile, S&P BSE Sensex was up 269.29 points or 0.72% at 37,596.65.

On BSE, 8.62 lakh shares were traded in Hindalco Industries counter, compared to a 2-week average of 4.71 lakh shares. The stock hit an intraday high of Rs 184.25 and an intraday low of Rs 173.40. It hit a 52-week high of Rs 259.70 on 4 October 2018 and a 52-week low of Rs 171.70 on 5 August 2019.

The company's consolidated EBITDA fell 13.03% to Rs 3,769 crore in Q1 June 2019 over Q1 June 2018.

Hindalco Industries' managing director, Satish Pai, said "We continued to maintain our strong position in aluminium and copper in Q1 FY20 despite headwinds. The resilient performance owes as much to our backward integration, resource security, strong balance sheet, operational capabilities and rich product portfolio. Today, 79% of Hindalco's consolidated EBITDA is non-LME linked, reflecting a balanced and sustainable business model, which will serve us well in all market conditions."

Hindalco Industries is the metal flagship company of the Aditya Birla Group. Hindalco is a aluminium rolling and recycling company, and a major copper player as well.

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