The company clocked a turnover of Rs 505.8 crore, up 6.8 per cent from Rs 515.7 crore last year. Gross profit stood at Rs 280 crore, an increase of 10 per cent over Rs 255.3 crore last year. Hindalco's production has gone up from 62,652 MT during the period to 62,222 MT last year. The company's half yearly net profit witnessed a better growth of 17 per cent in net profit at Rs 351 crore. Sales for the first half ended September 2000, stood at Rs 1,116 crore, registering a rise of 12 per cent over last year.

The company has undertaken a green field expansion plan at its plant at Renukoot in Uttar Pradesh. Consequent to the expansion, Hindalco's smelting capacity will increase to 3.42 lakh MTPA the current capacity is 2.42 lakh MTPA. Alumina refining capacity will be augmented to 6.60 lakh MTPA from 4.50 lakh MTPA and power generation will be enhanced to 769 MW as against the present 619 MW.

Hindalco whole-time director AK Agarwala said that the company may raise funds from extermal sources and will not exceed Rs 500 crore. The balance Rs 13,000 crore, he said, will be funded through internal accruals.

Speaking on the future outlook he said that aluminium consumption has grown notably. Mr Agarwala said that the outlook is positive siting production cutbacks in North America and shrinking inventories.

He said the company faces competition from NALCO as they plan to expand smelting capacity by 1.15 lakh TPA. The company is presently trying to focus on value-added products and plans foray into production of other value-added products.