Hindalco Q1 net up 12% at Rs 474 crore

Written by feBureau | Mumbai | Updated: Aug 14 2013, 23:53pm hrs
Aditya Birla Group flagship Hindalco on Tuesday reported a 11.53% increase in its stand alone net profit to Rs 474 crore during the April-June quarter. The company had posted a net profit of Rs 425 crore during the corresponding quarter last year.

Revenue from operations, however, dropped 3.15% to Rs 5,838 crore in the June quarter. Net sales of the company fell 3.31% to Rs 5,766.69 crore during the June quarter, mainly due to an 8.46% decline in revenue from the copper business (at Rs 3,635.77 crore).

The company said revenue was impacted due to lower copper production as one of its smelters went for a planned shutdown.

The revenue from the aluminium business was, however, up 7.2 % at Rs 2,211.14 crore. The company said the total aluminium output for the quarter was 139 kilo tonne compared to 132 KT during Q1FY13.

Q1FY14 performance was achieved despite adverse macro-economic headwinds. The average aluminium LME dropped around 7% from the levels seen in Q1FY13. This sharp fall was partially cushioned by depreciating rupee," the company said.

Hindalco, which has spent around $3 billion or Rs 15,000 crore, on expansion projects at the Mahan Coal block, has already got stage-I clearance and is currently awaiting the stage-II clearance which it expects to get by December 2013.