Shares of Hindalco Industries were deep in the red in the late hours of trading on Wednesday after the company posted its earnings for the quarter ended March.

What Happened: The company’s standalone revenue from operation stood at ₹19,995 crore, up from the ₹18,969 crore revenue it posted in the March quarter of last year.

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EBITDA for the quarter stood at ₹1,775 crore, down 45.6% from the year-ago period. EBITDA margin was at 8.9%. The company’s net profits crashed close to 50% to ₹832 crore. Earnings per share for the quarter stood at ₹3.75. The company announced a ₹3/share dividend for the year ended March 2023.

However, analysts at ICICI Direct told Benzinga India that the company’s Indian business reported healthy operational performance this quarter. The metals giant India business reported revenues of ₹20,444 crore, higher than the brokerage firm’s estimate of ₹19,423 crore.

The announcement did see the stock go up sharply before crashing down again. The Aditya Birla Group company also said that consolidated net debt stood at ₹33,959 crore as of March 2023. The consolidated net debt to EBITDA ratio stood at 1.39x.

Price Action: Hindalco share price was down 1.18% to trade at ₹405.45 in the late hours of trading on Wednesday.

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