New Delhi, Aug 13 (SocialNews.XYZ) Aditya Birla Group company Hindalco on Tuesday reported a 25 per cent increase in consolidated net profit to Rs 3,074 crore for the April-June quarter of the current financial year.
The mining and metal major’s consolidated revenue from operations rose 7.5 per cent to Rs 57,013 crore during the first quarter.
The company took a hit by a jump in expenses tied to disruptions at its Novelis unit's Switzerland plant. Novelis, which accounts for more than 60 per cent of the firm's overall revenue, incurred a net cash impact of $80 million from the shutdown of its Switzerland-based plant.
Revenue from the company’s copper business came in at Rs 13,292 crore, up 15.6 per cent, on account of higher shipments and realisation, while revenue from aluminium upstream and downstream increased 9.6 per cent and 18 per cent respectively, the company said in a regulatory filing.
The company reported an EBITDA of Rs 7,992 crore in Q1 FY25, up 31per cent year-on-year, driven by lower input costs and higher volumes, the company said.
"Our strong Q1 results ride on the back of consistent operational excellence and cost optimisation which allowed us to leverage the higher average metal prices," said Hindalco Industries MD Satish Pai.
"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," he added.
Novelis's net sales for the first quarter rose by eight per cent year-over-year (YoY) to reach $4.2 billion, primarily due to higher average aluminium prices and an increase in overall shipments.
Total shipments of flat rolled products were up eight per cent YoY supported by normalised demand for beverage packaging sheet
The net income attributable to common shareholders dipped three per cent to $151 million in the first quarter of the fiscal year due to initial charges associated with flooding at the company’s Sierre, Switzerland, plant at the end of June, as well as higher restructuring and unfavourable metal price lag, largely offset by higher adjusted EBITDA, the company said.
Hindalco's share prices were hovering at around Rs 626 apiece on Tuesday.
Source: IANS
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