Net profits, on a standalone basis and excluding the foreign operations of Novelis, dropped to R482 crore in Q4FY13 from R640 crore in Q4FY12 but the numbers were better than the estimate of analysts polled by Bloomberg of R387 crore.
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The company earned R231 crore as other income during the quarter, a jump over the R161 crore earned in Q4FY12 which the management attributed to treasury income and dividend income.
The Hindalco stock, which has undereprformed the markets this year, losing value, stayed flat closing at R109.95 on the Bombay Stock Exchange. The results were announced after market hours.
Revenues for Q4FY13 fell 8.5% to R6994 crore from
R7,647 crore. The management believes demand in overseas markets is fairly robust both from the cans segment as also the automobile sector. D Bhattacharya, managing director, Hindalco, said he expected the company to register good growth this year adding that the subdued prices of metal on the LME were a bit of a surprise.
There is some oversupply, Bhattacharya told reporters at a press conference. The company plans to spend R10,000 crore on capital expenditure in FY14 compared with R14,000 crore spent last year. Hindalcos gross debt at the end of March, 2013 was R20,000 crore while cash and cash equivalents amounted to R7,000 crore, leaving a net debt of R13 crore.
With this Hindalco ended FY13 with consolidated revenues of R80,193 crore, flat compared with the R80,821 in FY12.
The Ebitda for the year was lower at R7,837 crore compared with R8,184 crore resulting in a slide in net profits to R3,027 crore from R3,397 crore.