Aluminium maker Hindalco Industries on Friday reported nearly 5-fold rise in net profit at Rs 294.07 crore for the quarter ended June 30, 2016 against Rs 61.10 crore in the corresponding quarter a year ago. However, revenue of the company fell by 11.40 per cent year-on-year to Rs 7597.30 crore for the quarter under review on account of sharp fall in realisations. The company had reported revenue of Rs 8575.30 crore in the same quarter last year.
During April-June period, total expenditure of Hindalco declined to Rs 6,703.82 crore as compared to Rs 7993.05 crore in the same quarter last year. In a release, Hindalco said, “The company posted a robust operational performance in adverse macroeconomic conditions. Its operational performance was also supported by deflationary energy prices. The high level of imports continue to impact domestic sales volumes.”
Post Q1 results, shares of Hindalco advanced as much as 4.67 per cent. At 1.42 pm, shares of the company were trading 3.76 per cent up at Rs 147.60. The scrip opened at Rs 143.70 and has touched a high and low of Rs 148.90 and Rs 143, respectively, in trade so far. Later, share price of the company closed 2.78 per cent up at Rs 146.20.
Profit before tax of the company stood at 413.10 crore for the quarter ended June 30, 2016 against Rs 70 crore in the same quarter last year.
During the quarter (April-June 2016), aluminium production increased by 17 per cent year-on-year to 308 KT. However, copper production stood lower by 36 per cent owing to planned annual maintenance shutdown.