Hindalco Q1 net profit falls 1.5% to Rs 290 crore
New Delhi: Aluminium maker Hindalco on Friday reported a marginal fall of 1.5% in standalone net profit to Rs289.60 crore for the first quarter ended 30 June.
The Aditya Birla Group flagship had clocked a net profit of Rs294.27 crore in the year-ago period, it said in a BSE filing. Its total income rose to Rs10,663.37 crore in April-June quarter of the current fiscal, from Rs 8,385.55 crore during the same period of 2016-17.
Total expenses of the company were at Rs10,126.23 crore in the quarter under review as against Rs 7,972.41 crore during the year-ago period.
In a statement, the company said with new coal linkage in FY17, coal security improved to two-thirds of annual requirement of the aluminium business and stable operations helped the company achieve highest aluminium production at 1,266 kilo tonne.
The company’s standalone aluminium revenue for the fiscal year 2017 was up by 9% to Rs 19,986 crore, driven by higher sales of aluminium metal and increased realisation.
“The increase was the result of moderation in input costs, higher volumes with stable plant operations and supportive macro factors,” it said.
The revenue for copper segment was also up 6% vis-à-vis the prior year at Rs19,408 crore as the overall realisation was higher.
“Overall production in copper business was lower as the business took a planned shutdown. Subdued demand in the wire rod segment also dented production,” the statement said.
Shares of the company ended 6.67% down at Rs221.95 on BSE.