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Hindalco Q1 net falls 31%, beats forecast

Hindalco Q1 net falls 31%, beats forecast
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First Published: Sat, Aug 01 2009. 12 36 AM IST
Updated: Sat, Aug 01 2009. 12 36 AM IST
Mumbai: Hindalco Industries Ltd, India’s top aluminium maker, on Friday reported a smaller-than expected 31% fall in quarterly standalone net profit, helped by weakening raw material prices and better product mix.
Hindalco, which bought Canada’s Novelis in 2007, reported net profit of Rs4.81 billion ($100 million) in the April-June quarter, compared with Rs6.97 billion a year earlier.
Net sales fell to Rs38.99 billion from Rs46.48 billion.
A poll of nine brokerages forecast net profit of Rs3.09 billion for the quarter, on net sales of Rs38.52 billion.
Last year, aluminium prices fell as the global economic slowdown hit demand for raw materials such as aluminium, used in automotive and construction industry.
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First Published: Sat, Aug 01 2009. 12 36 AM IST