Mumbai: Hindalco Industries Ltd announced its unaudited financial results for the quarter ended 30 June 2008. Net sales and operating revenues remained flat at Rs4647.5 crores, however the profit before depreciation, interest and tax grew by 16% to Rs1,163.7 crores as compared to Rs1,005.7 crores in the corresponding period in 2008. The profit after tax at Rs696.8 crores was up 16% from Rs598.6 crores in Q12008.
Of the total revenues of Rs4647.5 crores, aluminium business contributed Rs1943 crores. The profit before interest and tax for aluminium business was higher by 18 % from Rs638.2 crores to Rs750.4 crores in the corresponding quarter of the preceding year, driven by higher volumes and higher LME prices.
In the copper business, revenues were lower at Rs2706.6 crores against Rs2926.2 crores mainly on account of lower volumes due to a planned shutdown of smelter-1 at Dahej.
The steep depreciation of the Indian rupee against the US dollar affected the copper business by an estimated Rs151.9 crore for the quarter under review, as a result of restatement of net foreign currency exposures as on 30 June 2008. For the corresponding quarter of the previous year, this had an estimated favourable impact of Rs14.3 crore. Consequently, the profit before interest and tax of copper business is lower than the corresponding quarter of the previous year by Rs166.2 crores.
The profit before interest and tax was lower at Rs74.3 crores from Rs112.3 crores in the corresponding quarter last year.