Hindalco Q2 profit rises more than three times to Rs439.74 crore
Hindalco’s net sales, however, fell marginally to Rs.9,457.59 crore from Rs.9,477.48 crore a year earlier
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Mumbai: Kumar Mangalam Birla-led Hindalco Industries Ltd on Saturday reported over three times rise in standalone net profit for the second quarter ended 30 September, helped in part by lower costs.
The aluminium and copper flagship of the Aditya Birla Group on Saturday said quarterly standalone net profit rose to Rs.439.74 crore from Rs.123.46 crore in the year-earlier period. Net sales, however, fell marginally to Rs.9,457.59 crore from Rs.9,477.48 crore a year earlier.
Eighteen analysts polled by Bloomberg had expected Hindalco to report standalone net loss of Rs.96.46 crore while 20 analysts had expected net sales of Rs.8,026.30 crore.
Revenue from aluminium, Hindalco’s largest business, rose about 9.7% to Rs.4,930.15 crore. The copper business revenue fell about 8.6% to Rs.4,634.75 crore, hurt by decline in copper LME, lower premium and lower co-product prices, Hindalco said.
Total expenses in the quarter fell 5.3% to Rs.8,757.13 crore while finance costs also fell about 5.3% to Rs.594.27 crore.