Hindalco net profit down 36% to Rs 160 cr

Hindalco Industries' net profit slipped by 36 per cent at Rs 160 crore for the quarter ended March 31, 2015 due to higher finance cost and falling premiums on aluminium.
The Aditya Birla Group flagship company had posted net profit of Rs 248 crore in the January-March period of the previous fiscal, 2013-14.
"Higher finance costs had a negative impact on the business. Premiums on aluminium also fell sharply during the quarter on likely surplus situation in the market," Hindalco Managing Director D Bhattacharya told reporters here.
"The company's finance cost rose to Rs 466 in fourth quarter of FY 2915 as against Rs 215 crore in the same period last year. The exceptional items accounted mainly on account of Rs 146 crore liability towards Renewable Power Obligations (RPO)," he said.

Standalone net sales of Hindalco rose by 10 per cent to Rs 9,219 crore in the January-March quarter, from Rs 8,360 crore in the same quarter of 2013-14, it added.
Profit before interest and depreciation was lower by 5 per cent reflecting the lower realisation due to market conditions.
Aluminium sales grew by 14 per cent compared to the third quarter of FY 2015 driven by higher volumes.