Hindalco Industries Ltd.'s profit rose, surpassing analysts' estimates in the fourth quarter of fiscal 2024.
The aluminium producer's net profit increased 31.6% year-on-year to Rs 3,174 crore in the quarter-ended March 2024, according to an exchange filing issued on Friday. This compares with the Rs 2,552-crore consensus estimate of analysts polled by Bloomberg.
The board has recommended a dividend of Rs 3.50 per share for fiscal 2024.
Hindalco Industries Q4 FY24 Highlights (Consolidated, YoY)
Revenue up 0.2% to Rs 55,994 crore (Bloomberg estimate: Rs 53,960 crore).
Ebitda rose 25.4% to Rs 6,681 crore (Bloomberg estimate: Rs 6,564 crore).
Ebitda margin expanded 239 basis points to 11.9% (Bloomberg estimate: 12.2%).
Net profit up 31.6% to Rs 3,174 crore (Bloomberg estimate: Rs 2,552 crore).
Segment-Wise Performance
Novelis: Total shipment of flat-rolled products were at 951 KT, up 2% YoY, supported by stronger demand for beverage packaging and record automotive shipments. Revenue was down 7% YoY, impacted by lower average aluminium prices.
Aluminum (Upstream): Upstream Ebitda stood at Rs 2,709 crore, up 24% YoY, supported by lower input costs.
Aluminum (Downstream): Sales stood at 105 KT as against 90 KT over the same period last year, up 17% YoY. Downstream Ebitda per tonne was $174 in the fourth quarter of fiscal 2024, as compared with $152 in the same period last year, up 15% YoY, led by higher volume.
Copper: Ebitda for copper business was at an all-time high of Rs 776 crore, as compared with Rs 598 crore in the same period last year, up 30% YoY. This growth was mainly driven by stable operations, higher domestic sales and better treatment charges and refining charges.
Business Updates
Novelis’ Bay Minette project is on track and is expected to be completed by the second half of CY26.
The focus of Hindalco is on value-added products expansion, with India’s first upcoming Copper Inner Grooved Tubes facility to be commissioned by the end of CY24.
The Indian Coast Guard and Hindalco inked an MoU to facilitate the production and supply of indigenous marine-grade aluminium for ship construction across Indian public and private shipyards.
All committed organic growth projects of ~$4.9 billion in Novelis and ~$2 billion projects in Hindalco India are on track.
Shares of Hindalco Industries were trading 0.45% lower after the results were announced, as compared with a 0.01% fall in the benchmark NSE Nifty 50.
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