Hindalco net up 25% on metal prices boom

Mumbai, April 29 | Updated: Apr 30 2006, 06:45am hrs
Metals major Hindalco Industries Ltd posted a net profit of Rs 1,655.5 crore for fiscal 2006, up 25% against Rs 1,329.4 crore during the previous year, riding a boom in metal prices. The companys profits from aluminium grew 61% and copper 46%.

Net sales were also up 20% to Rs 11,396.5 crore against Rs 9,523.1 crore during the previous fiscal. Copper prices have moved upwards recording all-time highs, beating all expectations, the company said.

Net profit in the quarter to March rose 40% to Rs 626.3 crore against Rs 448.5 crore in the comparable three months last fiscal. Net sales for the quarter rose 45% to Rs 3,657.4 crore against Rs 2,515.6 crore in the quarter last year. The difficult operating conditions resulted in marginally lower copper production during the year as compared to the previous, Hindalco said. The companys board also recommended a dividend of Rs 2.20 per share with a face value of Re 1.