Hindalco Industries Ltd on Monday posted a 32.7 per cent decline in consolidated profit at Rs 974 crore for the September quarter, 2019 on the back of lower commodity prices and global slowdown.
The company had posted a consolidated profit of Rs 1,448 crore in the year-ago period, Hindalco Industries Ltd said in a BSE filing.
The consolidated income of the company declined to Rs 29,944 crore in the July-September period, over Rs 32,726 crore in the year-ago period, the filing said.
In a statement Hindalco Industries said, "While profits were impacted by the global slowdown and lower commodity prices, the company delivered steady result driven by an excellent performance by Novelis supported by stable operations in the Indian business."
Profit after tax was Rs 974 crore in the second quarter of 2019-20 as compared to Rs 1,448 crore in the corresponding quarter last year.
"Stronger operational efficiencies in upstream business and our rising share of value added products have led to a stronger and de-risked business model.
"Our sustainability initiatives have achieved recognition through the prestigious National CSR award and our standing in the Dow Jones Sustainability Index," Satish Pai, managing director of Hindalco Industries Ltd said.
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Shares of Hindalco Industries closed at Rs 200.40 apiece, 1.76 per cent down from the previous close.
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