Hindalco’s Q3 net profit jumped 90 per cent to Rs 2,021 crore in the third quarter
Hindalco Industries Q3 Results: Aditya Birla group company Hindalco Industries posted a net profit of Rs 2,021 crore in the third quarter of the current financial year compared to Rs 1,785 crore in the year-ago period, driven by strong domestic business and operational efficiencies. The company’s revenue from operations stood at Rs 34,958 crore in the October-December quarter. According to the company’s regulatory filing to the BSE, the company witnessed a profit of Rs 495 crore in domestic business, up 90 per cent year-on-year. The consolidated business earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 5,242 crore, up 40 per cent year-on-year, according to Hindalco’s statement.
According to the aluminium major, the copper sales for the quarter stood at 73 kt, lower than the sales in the year-ago period, which were at 84 kt, due to a planned maintenance shutdown. The aluminium sales stood at 315 kt against 328 kt in the year-ago quarter.
“Our Q3 results flag a return to business at pre-COVID levels with resurgent demand globally. Novelis achieved record shipments, driven by strong demand across product end markets. The India business delivered an excellent performancem, with aluminium value-added products continuing to record higher volumes. Along with market performance, we have strengthened our balance sheet which shows in a significant improvement in the consolidated net debt to EBITDA ratio,” said Satish Pai, Managing Director, Hindalco Industries Limited.
”Our performance is a reflection of our sustainability-led approach to business. Hindalco has been recognised as the world’s most sustainable aluminium company in the 2020 DJSI CSA ranking,” he added.
Hindalco shares traded 0.54 per cent higher at Rs 279.80 on the BSE. The shares of Hindalco had opened the trading session at Rs 280.00 on the BSE and touched an intra-day high and low of Rs 283.10 and Rs 274.75 respectively so far.
