 "Hindalco Industries Q2 profit down 11% at Rs 393 cr")
Hindalco Industries, an Aditya Birla Group company, on Friday posted 11 per cent drop in standalone profit at Rs 392.8 crore for the quarter ended on September 30, 2017.
The aluminium maker had posted a profit of Rs 439.7 crore in the corresponding quarter of previous fiscal.
"Net profit for quarter before exceptional items was at Rs 461 crore. Exceptional items (post tax adjustment) were Rs 68 crore. Reported net profit after adjustment for exceptional items (is) Rs 393 crore," Hindalco Industries said in a statement.
The standalone revenue from operations during the quarter increased to Rs 10,308.2 crore, from Rs 9,561.9 crore in the corresponding quarter of the previous fiscal.
Total expenses increased to Rs 9,782.3 crore over Rs 9,351.4 crore in the July-September period of FY2017.
"Hindalco attained revenues...higher as compared to Q2 FY2017, led by aluminium volumes and improved realisation across both the segments," the statement said.
The standalone aluminium revenue for the second quarter of ongoing fiscal was up Y-o-Y at Rs 5,213 crore, led by higher sales of aluminium metal and increased realisation.
Driven by higher realisation, the revenue from copper segment rose Y-o-Y to Rs 5,097 crore.
For the July-September quarter, aluminium metal production stood at 326 kilo tonne and alumina at 712 kilo tonne.
"Hindalco (including Novelis) delivered a robust business performance and the company continued strengthening its balance sheet by deleveraging. The overall domestic demand from user industries remained subdued in July and August, signs of improvement were visible in September," it said.
High level of the copper imports and rise in domestic aluminium output continue to affect domestic sales volumes, the company said.
"Overall, we remain positive on the outlook, government reforms are expected to facilitate domestic investment and growth in the coming years. Hindalco remains focused on accelerated deleveraging, operational excellence, higher value addition, customer centricity and cash conservation to deliver stakeholder value," it added.
Shares of the company were trading down 0.35 pc at Rs 269.20 on BSE in closing session.
