Hindalco profit slumps 60%; sees ‘strong’ H2

Q2 net falls to ₹387 cr. on one-off item.

Hindalco Industries on Tuesday reported a 60.2% fall in consolidated profit after tax (PAT) to ₹387 crore for the quarter ended September 30, but said it was expecting strong third and fourth quarters as demand had returned in domestic as well as export markets.

PAT declined due to a one-time impact of ₹1,398 crore on account of the divestiture of the Lewisport unit of Aleris in the U.S., Hindalco’s Managing Director Satish Pai told reporters.

However, revenue from operations during the July-September quarter rose to ₹31,237 crore, from ₹29,657 crore in the year-earlier period. In a statement, Hindalco said results were driven by a strong performance by wholly owned subsidiary Novelis, and India aluminium business, supported by higher volumes and better product mix, lower input costs and cost-saving initiatives.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *