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Copper business is doing fine, no cause to worry - Mr Satish Pai

Metal News - Published on Fri, 17 May 2019

Image Source: Chennai36 - IIT Madras
CNBC TV18 reported that Hindalco Industries reported a near 18% decline in its fourth quarter net profit. Mr Satish Pai, MD of the company, spoke to CNBC-TV18 about the results and shared growth outlook. Mr Pai said that “The copper EBITDA - just to be fair – was not that much below expectations. It was a bit lower because we did have the pricing of some of the by-products lower Q4 to Q3 and we also had to take a little bit of a provision on the copper side to sell off some of the waste, which we took because it is the year-end quarter. So overall, I think no cause of worry in the copper business. It is doing fine and I think we have a little shutdown planned in Q1 as well after which we are guiding that in FY20, copper production would go back to the 400 kt of cathode as the previous year which was FY18."

He added that “Copper was slightly below because depending on the concentrate mix, the amount that we can feed through can go up and down. So copper production was slightly less because of that reason not really due to any provisions."

Mr Pai said that “We think that the normal copper EBITDA per quarter which we have said very often is 350-400. So just to be fair, it was 350 in this quarter. So I again repeat that it is not a big issue to worry about."

Source :

Posted By : Rabi Wangkhem on Fri, 17 May 2019
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