Hindalco net profit jumps to ₹1,877 cr.

Hindalco Industries Ltd. reported third-quarter consolidated net profit surged 77% to ₹1,877 crore from the year-earlier period on better volumes and product mix.

Consolidated business EBITDA of the Aditya Birla Group firm rose 40% YoY to ₹5,242 crore. India Business PAT rose 90% to ₹495 crore.

Revenue from operations increased by almost 20% to ₹34,958 crore.

Cost savings

“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 actions,” the company said in a filing.

“Our Q3 results flag a return to business at pre-COVID19 levels with resurgent demand globally,” said Satish Pai, MD.

“Novelis achieved record shipments, driven by strong demand across product end markets. The India business delivered an excellent performance with aluminium value-added products continuing to record higher volumes,” he added.

“Along with market performance, we have strengthened our balance sheet which shows in a significant improvement in the consolidated net debt to EBITDA ratio,” he said.

Positive impact

He said the inclusion of the Aleris business has positively impacted the overall top-line and EBITDA, with realisation of synergies at $54 million on a run-rate basis in Q3.

“Our performance is a reflection of our sustainability-led approach to business,” he added.

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