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Hindalco Q1 profit falls 40% on lower revenue
Mint Mumbai
|August 09, 2023
Company expects raw material costs to fall further; capex plans on track
Hindalco Industries Ltd, the flagship of the Aditya Birla group, on Tuesday said consolidated net profit in the June quarter fell 40% from a year earlier to ₹2,454 crore as revenues declined.
Revenue from operations stood at ₹52,991 crore, a 9% decline from a year earlier. Consolidated earnings before interest, tax, depreciation, and amortization (Ebitda) stood at ₹6,109 crore, and the Ebitda margin at 11%.
Among segments, revenue in the upstream aluminium business was ₹8,064 crore, down 7.29% from the previous year. Segment Ebitda stood at ₹1,935 crore, down 40% over the same period last year. In the downstream aluminium business, revenue stood at ₹2,435 crore, a 12.3% decline.
Revenue at Hindalco’s overseas subsidiary Novelis fell 14.5% to ₹33,606 crore on fewer shipments and lower-than-average aluminium prices.
This story is from the August 09, 2023 edition of Mint Mumbai.
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