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Hindalco Q2 net rises 12%, beats forecast

Hindalco Q2 net rises 12%, beats forecast
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First Published: Fri, Oct 31 2008. 02 47 PM IST
Updated: Fri, Oct 31 2008. 02 47 PM IST
Reuters
Mumbai: Hindalco Industries Ltd, India’s top aluminium maker, on Friday beat forecasts with a 12% rise in quarterly net profit on higher sales and foreign exchange gains.
The company reported a net profit of Rs7.2 billion ($145.7 million) in its fiscal second quarter ended 30 September, compared with Rs6.43 billion a year earlier. Net sales rose to Rs56.4 billion from Rs49.60 billion.
A Reuters poll of nine analysts had expected a net profit of Rs7.01 billion on net sales of Rs52.34 billion.
Shares in Hindalco, worth $2.4 billion, dropped 24% in the September quarter, compared with a 4.5% decline in the main Mumbai index.
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First Published: Fri, Oct 31 2008. 02 47 PM IST