Hindalco Q2 profit surges 31% to Rs 103 crore

Hindalco Industries Ltd, the flagship company of Aditya Birla Group, today posted a 31.10% jump in standalone net profit at Rs 103.27 crore for the quarter ended September 30, on the back of higher sales.

The company had reported a net profit of Rs 78.77 crore in the year-ago period, it said in a regulatory filing.

The total income increased to Rs 9,342.14 crore over Rs Rs 8,777.66 crore in the year period.

The company said in a statement that "the revenues for the quarter were higher by 4% over the corresponding quarter of the previous financial year despite a sharp decline in realisations."
 

Revenue rose on the back of the production ramp up at the company's news factories, it added.

Operating results for the quarter were significantly impacted by the severe drop in London Metal Exchange prices and regional aluminum premium, the macroeconomic factors beyond the company's control.

The combined decline on YoY basis was around $700 per tonne of aluminum, the statement said.

Profit before interest, tax and depreciation (PBITDA) at Rs 1,020 crore reflects a robust operational performance in the face of severe macroeconomic headwinds, it said.

Higher other income for the quarter is partly on account of certain non-recurring items amounting to Rs 119 crore and partly due to dividend from subsidiaries, it added.

Shares of Hindalco Industries were trading at Rs 80.40 on BSE in late afternoon trade.