 "Novelis Q4 net income declines over 5% to Rs 717 cr from Rs 759 cr")
Novelis, the wholly-owned subsidiary of Hindalco Industries, Wednesday posted a 5.5 per cent decline in net income at $103 million (around Rs 717.64 crore) in the quarter ended on March 31, 2019.
The company, which deals in aluminium rolled products, had posted a net income of $109 million (around Rs 759.45 crore) in the year-ago period, Hindalco said in a filing to BSE.
"Fiscal 2019 net income attributable to its common shareholder decreased to $103 million for the fourth quarter and $434 million for the full year," it said in a statement.
Net sales, it said, increased 1 per cent over the prior year to $3.1 billion (around Rs 21,599 crore) for the fourth quarter of fiscal 2019, driven by higher total shipments, partially offset by lower average aluminum prices.
Shipments of flat rolled products increased 8 per cent to 870 kilotonnes, it said.
"Our year-end financial results are the best in company history, reflecting a continued focus on further improving operational efficiencies and customer centricity, said Steve Fisher, President and Chief Executive Officer, Novelis, Inc.
It was also an important year in innovation, with the introduction of the first aluminum sheet battery enclosure, establishment of customer solution centres and the development of new, high-strength alloys that will further enhance our existing portfolio of....automotive products," Fisher said.