Hindalco Industrie logs Q1 consolidate profit at ₹2,787 cror

Hindalco Industries Ltd on Friday reported a consolidated profit after tax of ₹2,787 crore for the quarter ended on June 30, 2021.

The Aditya Birla group’s metal major had posted a consolidated loss of ₹709 crore in the year-ago period.

The consolidated revenue from operations during Apriljune increased to ₹41,358 crore from ₹25,283 crore in the yearago period, according to a regulatory filing by the company.

“Hindalco Industries...delivered stellar results in Q1 FY22 recording its highest-ever quarterly net profits. The company’s consolidated PAT was at ₹2,787 crore,” the company said in a statement.

The results were driven by a strong performance by Novelis and India business, supported by favourable macros, strategic product mix, and stability in operations. Novelis reported an all-time high quarterly Ebitda, as a result of upswing in demand for innovative and sustainable aluminium products and an outstanding operational performance, the statement said.

“This quarter we delivered record-breaking financial results despite the impact of the sec wave. Our robust financial formance, accelerated pac deleveraging and the increa strength of our balance shee been recognised by the ma and is reflected in credit ra upgrades for both Novelis Hindalco,” Hindalco Indus managing director Satish said.

The company, he said, started FY22 at a strong pace “we are confident that our r ience against market swings support us in continuin deliver its best. More im tantly, we believe our focu setting and achieving car neutrality and other ESG g will keep Hindalco in the lea ship position as the world’s sustainable aluminium va added player.”

The company said that gross debt declined by ₹16 crore and net debt fell by ₹10 crore as of June 30, 2021, fro peak on June 30, 2020.