Aditya Birla Group firm Hindalco Industries on Thursday posted a 60 per cent rise in consolidated net profit to Rs 3,735 crore in the December quarter aided by higher income. It had reported a net profit of Rs 2,331 crore in the October-December period of the preceding 2023-24 financial year, the company said in an exchange filing. The company's total income rose to Rs 58,899 crore from Rs 53,088 crore in the year-ago period. Its expenses were at Rs 53,563 crore as against Rs 49,761 crore in the December quarter. Sharing an update on the acquisition of fabrication facility of Home Build Tec, Hindalco Industries said the negotiations on the proposed acquisition did not materialise, and the transaction has officially been closed. The board has appointed Bharat Goenka as the CFO with effect from April 1, 2025. Hindalco Industries is the metals flagship company of the Aditya Birla Group. A USD 28 billion metals powerhouse, Hindalco is an industry leader in aluminium and copper.
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Aditya Birla Group's metal flagship Hindalco Industries on Tuesday reported 71.1 per cent rise in consolidated net profit at Rs 2,331 crore for the quarter ended December 31, 2023. The company had posted a net profit of Rs 1,362 crore in October-December FY23, Hindalco Industries said in a filing to BSE. Total income during the quarter under review dropped to Rs 52,808 crore from Rs 53,151 crore in the year-ago period. Hindalco is the world's largest aluminium company by revenues and a major player in copper. It caters to more than half of the country's copper requirement.
The net sales in Hindalco's US unit Novelis, which accounts for over 63 per cent of the company's total revenue, fell about 20 per cent
During the quarter, the company's revenue from operations rose to Rs 19,995 crore from Rs 18,969 crore in Q4FY22
Novelis' total shipments of flat-rolled products were at 908 Kt (kilo tonnes) in the October-December period, declining 2 per cent from 930 Kt in the corresponding period a year ago
The company had posted net profit of Rs 2,787 crore in the year-ago period. On a sequential basis, net profit rose 7 per cent, from Rs 3,851 crore reported in the January-March quarter
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Company shares closed trade on the BSE at Rs 407.75 apiece, up 2.75 per cent over the previous day's close.
Consolidated revenue from operations rose 44% to Rs 50,272 cr
On a sequential basis, the company's net profit increased 23 per cent in the period under review on the back of increased revenues
Consolidated revenue rose 53% to Rs 47,665 cr
Revenue from operations came in at Rs 40,507 crore for the quarter under review, an increase of 38 per cent from Rs 29,318 crore in the same period last year
The company informed that the new lower corporate tax option cannot be availed for its India operations for atleast next 5-7 years due to its existing MAT credit
Hindalco delivered the quarterly performance across all its businesses despite challenging environment and rising inputs cost