Hindalco Q4 profit drops 37% to ₹236 cr
NEW DELHI: Aditya Birla Group flagship firm Hindalco Industries on Thursday reported a 37.4% decline in stand-alone profit to ₹235.82 crore for the quarter ended March 31. The company had posted a standalone profit of ₹376.97 crore in the year-ago period, Hindalco Industries said in a filing to BSE.
However, the company’s stand-alone income during January-march quarter increased to ₹12,733.23 crore, over ₹11,892.06 crore a year ago.
Hindalco Industries Ltd is a global major in aluminium and copper.
In the statement, the company said, “PAT (profit after tax) for Q4 FY19 stood at ₹506 crore (₹616 crore in Q4 FY18), primarily due to weaker macros and higher input costs in the last quarter.” The consolidated profit for FY19 fell to ₹5,495.01 crore, over ₹6,082.87 crore in the year ended March 31, 2018.
Hindalco Industries managing director Satish Pai said, “Our FY19 consolidated profits reached an all-time high in spite of a difficult business environment. This resilient performance reflects the strength of our integrated business model, excellent operational capabilities, stable operations and our enriched product portfolio.
Novelis’ innovative products and customer-centric approach helped it deliver its best-ever performance. I n I ndia, our increased focus on downstream is already showing encouraging results with record aluminium value-added product volumes this year. In copper, too, the share of value-added products (copper rods) has risen, helping the business maintain profitability despite lower volumes,” he said.
He said the company expects the impetus provided by India’s growth to boost demand for aluminium.
“Rising imports of aluminium and copper, however, pose a threat and we look forward to suitable steps to provide a levelplaying field,” he added.
Shares of the company closed up 1.55% at ₹193.60 apiece on BSE on Thursday.