Hindalco Industries, the world’s s largest aluminium company by revenue, on Tuesday reported a 41 per cent year-on-year (YoY) drop in consolidated profit at Rs 2,454 crore for the June quarter compared with a profit of Rs 4,119 crore in the same quarter last year.
The Aditya Birla Group’s metals flagship said its profit grew 2 per cent sequentially, driven by recovery in Novelis and Aluminium India downstream business, and backed by a steady performance by the copper business.
Consolidated revenue from operations rose to Rs 52,991 crore against Rs 58,018 crore in the corresponding quarter last year. Consolidated net debt to Ebitda stood at 1.73 times as of June 30 against 1.39 times as of March 31, the metals producer said.
Novelis reported a sequential improvement in quarterly Adjusted Ebitda and Ebitda per tonne, reflecting favourable product mix and record automotive shipments. Copper business, Hindalco said, achieved highest-ever metal sales, at 118 Kt, up 1 per cent sequentially, supported by robust market demand.
Managing Director Satish Pai said FY24 started on a promising note for Hindalco, whose focus stays on expanding value-added portfolio and operational efficiencies.
“An enhanced product mix saw the Aluminium India downstream business generating higher value, with Q1 Ebitda increasing by 31 per cent QoQ. Despite significant market headwinds, Novelis continued to show sequential improvement in adjusted Ebitda and Ebitda per ton, backed by record sales of automotive aluminium sheets. The copper business achieved record metal sales and maintained its market share despite undergoing a planned shutdown. We will continue to strongly position our company for the future, by maintaining our focus on ESG, controlling costs, securitising resources, and driving downstream expansion,” Pai said.
