Read why Hindalco Industries Q1 profits fell by 41%
Hindalco Industries said its consolidated operating income increased to Rs 52,991 crore against Rs 58,018 in the corresponding quarter last year.
Hindalco Industries, the planet’s largest aluminium firm by revenue, on Tuesday, declared a 41 per cent year-on-year (YoY) drop in consolidated earnings at Rs 2,454 crore for the June quarter compared with a profit of Rs 4,119 crore in a similar quarter last year.
The Aditya Birla Group’s metals flagship stated its profit rose 2 per cent consecutively, caused by a recovery in Novelis and Aluminium India downstream industry and supported by a stable performance by the copper firm.
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Consolidated revenue from operations grew to Rs 52,991 crore against Rs 58,018 crore in the corresponding quarter of the previous year. The metals producer said that the consolidated net debt to Ebitda was 1.73 times as of June 30 against 1.39 times as of March 31.
Novelis declared sequential progress in quarterly Adjusted Ebitda and Ebitda per tonne, reflecting a promising product mix and record automotive shipments. The copper company Hindalco said it achieved the highest-ever metal sales, at 118 Kt, up 1 per cent consecutively, backed by vigorous market demand.
Managing Director Satish Pai said FY24 began on a profitable note for Hindalco, whose emphasis stays on growing its value-added portfolio and operational efficiencies.
