Economy

Hindalco Industries Q3 profit jumps 17.7% to Rs377 crore

Hindalco Industries Q3 profit jumps 17.7% to Rs377 crore”

India's top aluminium producer Hindalco Industries Ltd reported a 17.7 percent rise in quarterly profit on Friday, helped by higher metal prices. Aluminium contributed ₹5,323 crore to the revenues and copper ₹5,701 crore.

Profit could have been higher but for the firm providing for a one-time loss of ₹115.3 crore following a Supreme Court judgement on mining regulations.

This was partially offset by higher input costs.

"Depreciation rose by 7 per cent Y-O-Y, on account of progressive capitalisation".

Satish Pai, Managing Director, said though the rising cost is a concern, demand for both aluminium and copper has picked up and is expected to remain strong on revival of power projects.

The revenue for aluminium segment for the third quarter of the current fiscal was rose to Rs 5,323 crore, mainly due to higher sales of aluminium metal and increased realisation.

The company's EBITDA for the quarter improved 15% to ₹1,611 crore.

Revenue from operations jumped 11.17 per cent year-on-year to Rs 11,022.82 crore during the quarter under review.

Copper cathode production was 1.01 lt, up by 8 per cent and copper cathode rod output was at 38,000 tonnes.

Profit rose to 3.77 billion rupees ($59.11 million) in the third quarter ended December 31, from 3.21 billion rupees a year earlier.



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