Hindalco Net Profit Rises 189% To Rs 1,928 Crore In March Quarter
Aluminium major Hindalco Industries announced its January-March quarter results for the financial year 2020-21 on Friday, May 21, reporting a net profit of Rs 1,928 crore on a consolidated basis, driven by a robust performance of Novelis and the country's aluminium business. Reporting a profit of Rs 668 crore in the same quarter of the previous fiscal, the Aditya Birla group company's net profit jumped 189 per cent - almost three times in the March quarter on a year-on-year basis. (Also Read: Hindalco Q3 Results: Net Profit Rises 90% To Rs 2,021 Crore In December Quarter )
According to a regulatory filing by the company to the stock exchanges, the revenue on a consolidated basis stood at Rs Rs 40,507 crore in the March quarter, compared to Rs 29,318 crore in the year-ago period, marking a growth of 38 per cent. The consolidated business earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 5,597 crore, up 33 per cent on a year-on-year basis.
Hindalco's board recommended a dividend at Rs 3 per equity share, or 300 per cent of face value of Re 1 each, for the financial year 2020-21.
According to Hindalco, the overall copper metal sales for the quarter stood at 107 kt, lower than the sales in the year-ago period, which were at 86 kt. The aluminium sales in the quarter stood at 329 kt, compared to 314 kt in the year-ago quarter.
Novelis registered its best-ever quarterly adjusted EBITDA at $505 million, up 32 per cent on a year-on-year basis, tracking higher organic volume, and favourable metal benefits. Novelis's adjusted EBITDA per ton was at $514 in the March quarter, up nine per cent on a year-on-year basis.
On Friday, May 21, the share price of Hindalco Industries settled 1.22 per cent higher at Rs 389.85 apiece on the BSE. Hindalco Industries opened the trading session at Rs 389.90, swinging to an intra day high of Rs 392 and an intra day low of Rs 383.60 throughout the trading session.
