Hindalco posts lower-than-expected Q1 net at Rs 290 cr on higher provision

Hindalco Industries, the country's largest aluminium producer, on Friday reported a lower-than-expected stand-alone net profit of Rs 290 crore, down 2 per cent year-on-year for the June quarter.
 
Bloomberg consensus estimate for the net profit was Rs 389 crore. However, this was on the back of provisioning of Rs 104 crore made by the company following recent Supreme Court judgment in a matter pertaining to mining regulations.
 
In the period under review, total income of the Aditya Birla Group company rose 27 per cent on an year-on-year basis to Rs 10,663 crore and was ahead of consensus estimates