New Delhi: India’s aluminium and copper manufacturing company, Hindalco Industries Ltd on May 24, reported a 37 per cent fall in its consolidated net profit (imputable to owners of the company) in the fiscal’s fourth quarter of the financial year 2023 to Rs 2,411 crore which was Rs 3,851 crore in the year-ago period. Back-to-Back net profits hiked by 77 per cent.
The sequential growth of 77 per cent was made due to Indian business’s solid operational performance and sustained focus on cost reduction, the company said in an exchange filing.
The company’s consolidated revenue from operations for the March quarter of the financial year 2023 stood at Rs 55,857 compared to Rs 55,764 crore for the March quarter of the financial year 2022. Successively, rose by 5.1 per cent to Rs 53,517 crore in Q3FY23.
The company’s EBITDA was Rs 8,818 crore in comparison to Rs 7,597 crore in the fourth quarter of the financial year 2023, down by 23 per cent YoY, because of higher input costs and unfavourable macroeconomic conditions, which were already partially affected by the better operational performance of the copper business.
EBITDA increased by 48 per cent sequentially because of improved performance from Novelis and the India Aluminium and Copper Business, said the company in an exchange filing.
Looking ahead, a Net-Debt-Free India business and a strong balance sheet will continue to power our ambitions for organic growth,” said Satish Pai, Managing Director, of the company in a press release.
Hindalco’s net debt stood at Rs 33,959 crore on March 31, 2023, in comparison to Rs 41,716 crore as of December 31, 2022.
Shares of Hindalco traded at Rs 409.40 per share on May 24, low by 0.20 per cent on BSE.
Moreover, the board of directors of the company recommended a dividend of Rs 3 per share of Rs 1 each for the financial year that ended in March.