Hindalco Industries: Hindalco doubles net profit for June quarter

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MUMBAI: Aluminium and copper major Hindalco doubled net profit for the first quarter of the current fiscal with EBITDA reaching a record quarterly high, the company said on Friday.

Standalone net profit for the company rose by 102 per cent at Rs 734 crore led by higher EBITDA and lower finance costs. The figure also includes earnings of the company’s alumina facility Utkal Alumina.

Revenue from operations of both entities showed a marginal increase of 2 per cent at Rs 10,670 crore. EBITDA recorded the highest ever quarterly figure of Rs 1,951 crore, up by 17 per cent since last year, on the back of supporting macros, operating excellence and higher by products realisation in the copper business.

On the debt front, the company’s net debt to EBITDA at the end of the June came down to 2.57x from 2.67x a quarter ago.

Hindalco’s US subsidiary Novelis had posted a 10 per cent rise in net profit for the June quarter at $113 million, with net sales increasing 16 per cent year on year to $3.1 billion.

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