Hindalco on Tuesday posted a 60 per cent year-on-year (YoY) fall in consolidated net profit at Rs 387 crore for the quarter ended September 30 after considering net loss from running and divestiture of discontinued operations of Rs 1,398 crore.
However, profit from continuing operations increased by 83 per cent YoY to Rs 1,785 crore. Consolidated revenue from operations grew 5.32 per cent YoY to Rs 31,237 crore.
EBITDA from aluminium India business increased 32 per cent YoY and 25 per cent QoQ to Rs 1,066 crore, while margins witnessed a rise of 760 basis points YoY to 22 per cent.
Consolidated net debt to EBITDA stood at 3.52 times as on September 30 against 3.83 times in the preceding quarter ended June 30.
“The results were driven by a strong performance by Novelis and India aluminium business, supported by higher volumes and better product mix, lower input costs, stability in operations, and cost saving initiatives. The copper business also bounced back from the disruption in Q1FY21 with ramped up operations in the second quarter. Novelis reported an all-time high EBITDA as well as EBITDA per tonne in Q2FY21, backed by record performance in beverage cans, and a market revival in the automotive and high-end specialty markets in the US and Asia regions,” Hindalco said in a regulatory filing.
Commenting on the results, Satish Pai, Managing Director, Hindalco Industries, said, “It is heartening to see a sharp recovery of demand to near pre-Covid levels in India aluminium and copper businesses. Novelis, too, saw a similar rise across segments, except for aerospace.”
Shares of Hindalco traded 0.98 per cent down at Rs 192.70 after the announcement of financial results, while the benchmark BSE Sensex was up 1.38 per cent at 43,186.
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