MUMBAI
Hindalco Industries Ltd, the Aditya Birla Group metals flagship, reported third quarter consolidated net profit grew 71% to ₹2,331 crore as compared with ₹ 1,362 crore in the year-earlier period, driven by a robust performance across aluminium and copper business segment, the company said. However, the company’s turnover declined by 1% YoY to ₹52,808 crore.
Novelis, its subsidiary, reported an improvement of 33% YoY in Adjusted EBITDA and EBITDA per ton in Q3 FY24, driven primarily by favourable metal benefit from recycling and lower operating costs. In the Indian Aluminium segment, Upstream Business EBITDA for the quarter was ₹2,443 crore, up 54% YoY on account of lower input costs and continued strong operating performance, the company said in a filing with exchanges.
“We continue to stay on our growth track despite challenging market conditions, delivering a strong performance, driven by an enhanced product mix and lower input costs across our businesses,” MD Satish Pai said in a statement.
“The Copper Business registered a record EBITDA, up 20% YoY on the back of strong volume growth and robust operations. The Aluminium Upstream Business EBITDA rose 54% YoY, supported by stable operations and lower raw material costs, which keeps us positioned in the first quartile of the global cost curve,” he added.
“We continue to invest in promising growth areas both in aluminium and copper downstream. Our overseas business and global recycling leader Novelis showed 33% YoY improvement in EBITDA and EBITDA per ton, driven by favourable metal benefit from recycling, higher pricing, and lower operating costs,” he further said.
He said due to robust cash generation the Indian business managed to further deleverage and Hindalco pre-paid long-term loans of ₹4,370 crore during the year amid a high-interest rate scenario.
