Hindalco Q3 results: Profit plunges 24% to Rs 1,062 crore; top line drops 12%

Hindalco Industries on Wednesday said consolidated profit fell 24 per cent year-on-year to Rs 1,062 crore for the December quarter compared with Rs 1,394 crore in the year-ago quarter.

Revenue from operations fell 12.09 per cent to Rs 29,197 crore from Rs 33,213 crore in the year-ago period.

Total Ebitda stood at Rs 3,676 crore, down 10 per cent YoY over Rs 4,080 crore in the same quarter last year.

Managing Director, Satish Pai said: “For the past few years, Hindalco has continuously focused on improving plant operations. These efficiencies have helped us stay strong and steady amid weak markets. Despite global conditions, Novelis showed an increase in can and auto sheet shipments, spurred by growing consumer preference for sustainable packaging options and automotive closed-loop recycling systems.”

Pai said that Hindalco’s strategic expansion projects in India and Novelis are on track. In January, Novelis successfully issued $ 1.6 billion bonds at attractive rates, reflecting the recognition and confidence in Hindalco-Novelis, he said.

For the quarter, Novelis' profit, excluding tax-effected special items, stood at $132 million, up 31 per cent YoY. Novelis adjusted Ebitda stood at $430 per tonne, up 7 per cent.