Hindalco Industries gained 1.6% to Rs 149.50 at 15:25 IST on BSE, with the stock reversing intraday fall in volatile trade after declaring Q4 result during market hours today, 29 May 2014.
Meanwhile, the S&P BSE Sensex was down 330.66 points or 1.35% at 24,225.43
On BSE, so far 34.12 lakh shares were traded in the counter, compared with an average volume of 10.90 lakh shares in the past one quarter.
The stock saw high intraday volatility. The stock rose as much as 3.97% at the day's high of Rs 153 so far during the day. The stock fell as much as 2.71% at the day's low of Rs 143.15 so far during the day. The stock hit a 52-week high of Rs 163.55 on 21 May 2014. The stock hit a 52-week low of Rs 83.05 on 7 August 2013.
The stock had underperformed the market over the past one month till 28 May 2014, rising 4.18% compared with 8.50% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 40.01% as against Sensex's 16.27% rise.
The large-cap company has an equity capital of Rs 206.46 crore. Face value per share is Re 1.
Hindalco Industries' net profit declined 48.51% to Rs 248.15 crore on 19.68% growth in total income to Rs 8647.53 crore in Q4 March 2014 over Q4 March 2013. Net sales rose 20.88% to Rs 8359.85 crore Q4 March 2014 over Q4 March 2013 mainly on the back of the highest ever aluminium sales volume and higher copper sales tonnage in its copper business. An exceptional item of Rs 396 crore in Q4 March 2014 relates to a liability of Rs 324 crore under The UP Tax on Entry of Goods into Local Areas Act, 2007 (UP Entry Tax) and a liability of Rs 72 crore under The Madhya Pradesh Gramin Avsanrachna Tatha Sarak Vikas Adhiniyam [MPGATSVA]. Both these levies have been contested by the Company and appeals against these are pending before the Hon'ble Supreme Court. Profit before exceptional item and tax is higher by 28% over Q3FY14. Net profit after tax at Rs 248 crore is lower mainly on account of exceptional items.
Aluminium sales grew by 22% in Q4 March 2014 compared to Q4 March 2014 on the back of higher volumes. Aluminium Production in Q4 March 2014 at 175 Kt reflects the ramping up of capacity at Mahan. Copper sales and EBIT are up by 13% and 6% respectively. Copper Cathode production in Q4 March 2014 at 96 Kt is higher than that of Q4 March 2013, Hindalco Industries said. There has been an all-round improvement in performance in volumes and results in both the businesses of the company.
Hindalco Industries' net profit declined 16.82% to Rs 1413.33 crore on 7.15% growth in total income to Rs 28975.35 crore in the year ended 31 March 2014 over the year ended 31 March 2013. Interest costs went up significantly consequent to higher borrowing and capitalization of some assets at projects. Due to higher interest cost and exceptional items, the net profit was lower, Hindalco Industries said.
On a consolidated basis, Hindalco Industries' net profit declined 28.14% to Rs 2175.01 crore on 9.24% growth in total income to Rs 88712.69 crore in the year ended 31 March 2014 over the year ended 31 March 2013. Net profit was lower because of higher interest and depreciation and exceptional items.
Hindalco Industries US subsidiary Novelis shipments of flat rolled products increased from 2,786 kt in fiscal 2013 to 2,895 kt in fiscal 2014. The recent rolling expansion in Pindamonhangaba (Pinda) facility, coupled with the strong demand in Brazil, contributed to the higher shipments and strong operating results in South America. Shipments were also up in Europe in fiscal 2014 compared to fiscal 2013, driven by higher automotive and can product shipments. The recent rolling expansion project in South Korea contributed to the higher shipment levels in Asia region. Shipments in North America were down compared to the prior year, as can product shipments were lower.
Under US GAAP, Novelis reported Net income of $104 million for the year ended 31 March 2014, compared to $203 million in the year ended 31 March 2013. Cash flow provided by operating activities was $702 million compared to $203 million in the previous year.
Hindalco Industries' 51% subsidiary Aditya Birla Minerals, Australia reported a net loss of AUD 0.2 million in FY14 compared to loss of AUD 8.3 million in FY13. Mount Gordon mines operations is currently placed under care and maintenance and various strategic options are being evaluated including divestment. Nifty mines is currently under suspension post development of a sink hole on 20 March 2014.
Hindalco Industries' board of directors at its meeting held today, 29 May 2014, recommended dividend of Re 1 per share for the year ended 31 March 2014.
Hindalco Industries is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the world's largest custom smelter at a single location.
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