KM Birla-promoted Hindalco Industries reported a 25.3 per cent rise in consolidated profit after tax (PAT) for the quarter ended June 2024, driven by favourable macros, operational efficiencies, and lower input costs, the company said.
Hindalco’s board also approved the appointment of KM Birla’s children, Ananya Birla and Aryaman Birla, as additional, non-executive directors.
For the quarter under review, the company reported a PAT of Rs 3,074 crore. Net sales for the same period were up 7.6 per cent to Rs 57,013 crore.
The company said it also incurred a one-time exceptional expense of Rs 330 crore in the quarter due to a flood impact at its Novelis plant located in Sierre, Switzerland. “Water entered the plant premises and production halls, and plant operations have been halted,” the company said, adding, “As a result of this event, the Group recognised impairment on property, plant, and equipment of Rs 250 crore and wrote down inventory worth Rs 80 crore during the quarter.”
In a Bloomberg poll, 13 analysts estimated revenue of Rs 56,236 crore, and 14 analysts estimated net income adjusted of Rs 3,428 crore. The company missed street estimates.
Sequentially, the company’s net profit dipped 3.2 per cent, and net sales rose 1.8 per cent.
Consolidated Ebitda, the company said, was Rs 7,992 crore, up 31 per cent from a year ago. Ebitda is earnings before interest, taxation, depreciation, and amortisation. The company added that its copper segment Ebitda in this quarter was at an all-time high of Rs 805 crore, up 52 per cent from a year ago. Satish Pai, managing director, Hindalco Industries, said, “The copper business achieved its highest quarterly Ebitda driven by high domestic sales (especially downstream products), healthy by-product credits, and better operational efficiencies following a successful planned shutdown.”
The company’s board also approved the appointment of Bharat Goenka as ‘chief financial officer-designate’ with effect from September 23.
First Published: Aug 13 2024 | 3:14 PM IST