Hindalco Industries announced its June quarter results on Tuesday afternoon.
What Happened: Hindalco Industries reported a consolidated net profit of ₹3,074 crore in Q1, a 25.26% increase from the previous year. Hindalco attributed the increase to favourable macros, operational efficiencies and lower input costs. The company’s revenue rose 7.58% to ₹57,013 crore. Its EBITDA was at ₹7,992 crore, a 31% increase.
Kotak Institutional Equities expected a net profit of ₹3,714.7 crore and revenue of ₹59,901.5 crore. The Q1 numbers missed the expectations.
In the previous year, Hindalco had a net profit of ₹2,464 crore, revenue of ₹52,991 crore and EBITDA was at ₹8,022.2 crore.
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Novelis revenue increased 20.65% from the previous year to ₹4,170 crore. Aluminium upstream EBITDA went up 81% year on year to ₹3,493 crore. Copper EBITDA also went up by 52% to ₹805 crore with it being the highest quarterly figure for the company, it added. This was backed by higher average copper prices and robust operations, it said.
Satish Pai, managing director, of Hindalco Industries said, “Looking ahead, the major capital formation phase of the downstream business is near completion, and from here on, we will explore growth opportunities in the upstream business given our strong cash position.”
Price Action: Shares of Hindalco were down 0.10% to ₹628.70 after the results were announced.
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