Hindalco-Arm Novelis Q2 Profit Declines 18% To $128 Million

Novelis Inc, the US-based aluminium producer and subsidiary of Hindalco Industries Ltd, on Wednesday reported an 18% decline in net income to $128 million in the September quarter of financial year 2024-25.

The US-based company, which deals in aluminium rolled products, had reported a net income of $157 million in the same period of the last financial year, the company said in a filing to BSE.

"Net income attributable to our common shareholder decreased 18% versus the prior year to $128 million in the second quarter of fiscal year 2025," the filing said.

Net sales of Novelis for the second quarter rose by 4.5% to $4,295 million over $4,107 million in the year-ago period, mainly driven by higher average aluminium prices and a one per cent rise in total flat rolled product shipments to 945 kilotonnes.

"Our global footprint allowed us to achieve record beverage packaging shipments in the quarter and also mitigate the impact to customers from the flooding-related outage at Sierre," Steve Fisher, President and CEO, Novelis Inc said.

"We are more focused than ever on diligently managing the balance sheet as we continue to progress the growth investments we have underway and navigate shifting market dynamics," Devinder Ahuja, executive vice president and CFO, Novelis Inc said.