Hindalco Q4 profit rises 25% to Rs503 crore
Hindalco’s total income on a standalone basis increased to Rs 11,969.6 crore, over Rs 9,472 crore in the year-ago period
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New Delhi: Hindalco Industries Ltd on Tuesday posted a 25% increase in standalone net profit at Rs 502.5 crore for the fourth quarter ended March, on the back of higher revenue from operations.
The company had posted a standalone net profit of Rs 401 crore in the January-March period of FY16, Hindalco Industries said in a BSE filing.
The total income on a standalone basis increased to Rs 11,969.6 crore, over Rs 9,472 crore in the year-ago period.
In a statement, the company said that Hindalco registered standalone revenues of Rs 39,383 crore for the fiscal year 2017.
EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) was Rs 5,819 crore, up 35% as compared to the previous year, supported by lower input cost, higher aluminium volumes and realisation.
Depreciation was up by 11% due to progressive capitalisation. Interest expense was lower by 3%, mainly on account of pre-payment of loan.
Net Profit for the fiscal year 2017 stood at Rs 1,557 crore, registering a growth of 182% versus previous year. Hindalco’s consolidated revenue stood at Rs 102,631 crore for the fiscal year 2017. “It attained a record consolidated EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) at Rs 13,558 crore, up 36% as compared to the earlier year,” it said.
The robust performance was supported by stable operations across businesses. For the fiscal year 2017, net profit stood at Rs 1,900 crore.
The company raised $500 million through Qualified Institutional Placement (QIP) in March. In line with its commitment, the company used the cash proceeds from QIP towards prepayment of Rs 4,506 crore of long term loan in April 2017 – till date the total pre-payment stands at Rs 5,536 crore.
“During the fiscal year 2017, Novelis refinanced its $2.5 billion Senior Notes and $1.8 billion Term Loan. As a result, annual cash interest savings of $79 million has been achieved along with an extended debt maturity profile for the senior notes,” it said.
Further, Novelis entered in JV agreement with Kobe Steel in May to sell 50% of ownership interest in Ulsan, South Korea facility for $315 million. This venture, named Ulsan Aluminium Ltd, will provide synergies to both the high- quality partners.
During the year, Hindalco also divested its stake in Aditya Birla Minerals Limited, Australia. For the FY17, the company achieved aluminium metal production at 1,266 kilotonne and alumina (including Utkal Alumina) at 2,886 kilotonne. Alumina production was up 8% and aluminium metal production was up 12% as compared to the previous year.
Shares of the company closed 0.92% up at Rs 203.15 on BSE.