BackHindalco Industries Q2 net declines 33% to ₹974 cr
The company had posted a consolidated net profit of ₹1,448 crore in the year-ago periodHindalco's US arm Novelis reported 6% increase in Ebitda
PremiumMumbai: Hindalco Industries Ltd, a leading manufacturer of aluminium in India, on Monday said its consolidated net profit for September quarter dropped 33% from a year ago due to fall in revenue and higher.
Consolidated net profit for the quarter stood at ₹974 crore as against ₹1,448 crore a year ago.
Revenues fell 9% to ₹29,657 crore on account of decrease in average base aluminium prices and local market premiums, partially offset by higher total shipments and favorable product price and mix.
Its US arm Novelis reported 6% increase in earnings before interest tax depreciation and amortisation to ₹2,629 crore in September quarter from ₹2,485 crore a year ago. The EBITDA rose on account of higher shipments, favorable price and product mix, partially offset by less favorable recycling benefits due to lower aluminium prices.
Shares of Hindalco Industries on BSE fell 1.8% on Monday to ₹200.40 while India's benchmark Sensex Index rose 0.05% to 40345.08 points.
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