Hindalco Industries reported its Q2 results on Monday afternoon. The numbers came in much ahead of analyst estimates.

What Happened: Hindalco Industries saw its consolidated net profit rocket 78% year-on-year to ₹3,909 crore in the September quarter. The Aditya Birla Group company’s revenue went up 7.4% YoY to ₹58,203 crore. EBITDA came at ₹9,100 crore.

The average of four brokerages expected Hindalco to post a  ₹3,318.03 crore net profit, ₹55,401 crore revenue and  ₹7,098.95 crore EBITDA. Brokerages anticipated weak earnings due to Novelis’ weak earnings even though it said volumes would be stable.

See Also: Cochin Shipyard Shares Down 8% After Q2 Results, But Analyst Sees 16% Jump Ahead

In the previous week, Novelis reported its Q2 earnings and it posted an 18% reduction in net income, reaching $128 million (₹1,078 crore).  The decline was primarily due to a $61 million (₹514 crore) charge linked to production disruptions at its Sierre plant.

In August, the company unveiled its plans to invest $10 billion (₹83,899 crore) in major expansion projects. These projects include expansions in aluminium and copper smelters, the Aditya FRP plant, a new alumina refinery in Rayagada and the Bay Minette expansion in Novelis.

Price Action: Shares of Hindalco Industries were up 0.75% to ₹655.35 on Monday’s session.

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