Hindalco Industries logs Q1 consolidated profit at ₹2,787 crore
THE COMPANY’S REVENUE DURING THE QUARTER INCREASED TO ₹41,358 CR FROM ₹25,283 CR IN THE YEAR-AGO PERIOD
NEW DELHI: 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 April-June 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 second wave. Our robust financial performance, accelerated pace of deleveraging and the increasing strength of our balance sheet has been recognised by the market and is reflected in credit rating upgrades for both Novelis and Hindalco,” Hindalco Industries managing director Satish Pai said.
The company, he said, has started FY22 at a strong pace and “we are confident that our resilience against market swings will support us in continuing to deliver its best. More importantly, we believe our focus on setting and achieving carbon neutrality and other ESG goals will keep Hindalco in the leadership position as the world’s most sustainable aluminium valueadded player.”
The company said that the gross debt declined by ₹16,345 crore and net debt fell by ₹10,389 crore as of June 30, 2021, from its peak on June 30, 2020.