Hindalco Industries, the flagship company of Aditya Birla Group, saw record April-June quarter (first quarter, or Q1) profit in 2022-23 (FY23), aided by the performance of its US subsidiary, Novelis Inc. The company reported a 47.8 per cent year-on-year (YoY) rise in consolidated net profit to ₹4,119 crore in Q1FY23, beating Street estimates by a wide margin. Bloomberg consensus estimates had pegged Q1 net profit at ₹2,852 crore.
The company had posted net profit of ₹2,787 crore in the year-ago period. On a sequential basis, net profit rose 7 per cent, from ₹3,851 crore reported in the January-March quarter (fourth quarter, or Q4) of 2021-22 (FY22).
This story is from the August 11, 2022 edition of Business Standard.
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This story is from the August 11, 2022 edition of Business Standard.
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