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Hindalco Reports 24% YoY Plunge in Q3 Net Profit

Metal News - Published on Thu, 13 Feb 2020

Image Source: assettype.com
Hindalco Industries has reported a 24 per cent year-on-year fall in its consolidated net profit to INR 1,062 crore for the October-December 2019-20 quarter, compared with INR 1,394 crore in the year-ago quarter. Revenue from operations fell 12.09 per cent to INR 29,197 crore from INR 33,213 crore in the year-ago period. Hindalco’s consolidated Ebitda stood at INR 3,676 crore, down 10 per cent against INR 4,080 crore in the year-ago quarter. Hindalco managing director Mr Satish Pai said “For the past few years, Hindalco has continuously focused on improving plant operations. These efficiencies have helped us stay strong and steady amid weak markets. Despite global conditions, Novelis showed an increase in can and auto sheet shipments, spurred by growing consumer preference for sustainable packaging options and automotive closed-loop recycling systems,”

Stable operations in the Indian Aluminium Business helped achieve Alumina (including Utkal) and Aluminium metal production of 662 Kt and 330 Kt, respectively, in Q3 FY20. Aluminium metal sales volume grew 2 per cent to 328 kt in Q3 FY 20. Aluminium VAP (excluding wire rods) volumes remained flat year-on-year, at 75 kt.

Overall production volumes of copper cathodes were down 18 per cent year-on-year to 86 Kt in Q3 FY20, compared to the prior year. The copper business’ value added product production was at 60 Kt, lower by 8 per cent year-on-year. Total VAP sales were up 3 per cent at 58 Kt in Q3 FY20, which is in line with market growth. Total copper metal sales were lower by 14 per cent, at 84 Kt in Q3 FY20, versus 99 kt in Q3 FY19 on account of lower production.

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Posted By : Rabi Wangkhem on Thu, 13 Feb 2020
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