Indal Net Drops 16 Per Cent To Rs 24 Crore In First Quarter

Mumbai, July 30: | Updated: Jul 31 2002, 05:30am hrs
Indian Aluminium Company Ltd (Indal) has for the first quarter of the fiscal ended June 30, 2002 posted a 16.22 per cent drop in net profit at Rs 24.01 crore, as compared to Rs 28.66 crore in the first quarter of the previous fiscal.

Sales for the quarter dropped 6.6 per cent to Rs 310.24 crore as against Rs 332.26 crore in the same period of the previous fiscal. Other income for the quarter stood at Rs 10.93 crore, which was higher by 135 per cent as compared to other income of Rs 4.65 per cent in the corresponding quarter of the previous fiscal.

Total expenditure for the first quarter has dropped only marginally by 1.32 per cent to Rs 269.83 crore as against a figure of Rs 273.44 crore in the earlier fiscal.

Raw material consumption during the period has also dropped by 5.45 per cent to Rs 114.12 crore as against Rs 120.07 crore in the previous years. Interest outgo in the quarter dropped 50 per cent to Rs 6.12 crore as compared to interest of Rs 9.17 crore in the first quarter of the previous fiscal.

Indal in its press release said that the company’s performance for the quarter was severly impacted due to operations of the Hirakud smelter-power unit being disrupted on account of a storm in the Sambalpur district of Orissa.

The company in its outlook for the next quarter has said: “Internationally, prices for both alumina and aluminium continues to remain depressed as the LME prices for aluminium hover around $1,300 to $1,350 per tonne. The company is optimistic of demand picking up in the domestic end-user segments like automotives, packaging, housing and construction from the second half of fiscal.”