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Hindalco recovers on strong Q3 sequential earnings

Capital Market/ 12:40 , Feb 11, 2013

Hindalco Industries rose 1.05% to Rs 110.90 at 12:41 IST on BSE as net profit jumped 21% to Rs 434 crore on 11% growth in revenue from operations to Rs 6872 crore in Q3 December 2012 over Q2 September 2012.

Shares of Hindalco Industries had fallen 3.17% to settle at Rs 109.75 on Friday, 8 February 2013, after the company reported weak Q3 results on year-on-year (YoY) basis during trading hours.

Meanwhile, the BSE Sensex was down 8.60 points or 0.04% at 19,476.17.

On BSE, 5.31 lakh shares were traded in the counter as against average daily volume of 8.1 lakh shares in the past one quarter.

The stock hit a high of Rs 111.25 and a low of Rs 108.05 so far during the day. The stock had hit a 52-week low of Rs 100.15 on 6 September 2012. The stock had hit a 52-week high of Rs 164.90 on 15 February 2012

The stock had underperformed the market over the past one month till 8 February 2013, sliding 17.51% compared with the Sensex's 1.31% fall. The scrip had also underperformed the market in past one quarter, declining 3.64% as against Sensex's 3.39% rise.

The large-cap company has equity capital of Rs 191.45 crore. Face value per share is Re 1.

Hindalco Industries' earnings before interest, taxation, depreciation, and amortization (EBITDA) rose 13% to Rs 582 crore in Q3 December 2012 over Q2 September 2012.

Hindalco attributed sequential revenue growth to higher volumes. Non-operational income surged to Rs 318 crore in Q3 December 2012 from Rs 132 crore in Q2 September 2012 due to enhanced average treasury along with income of non-recurring nature, Hindalco Industries said in a statement. Finance costs galloped 503.57% to Rs 169 crore in Q3 December 2012 from Rs 132 crore in Q2 September 2012 due to higher average borrowings during the quarter, Hindalco Industries said.

Hindalco Industries' net profit declined 3.76% to Rs 434 crore on 3.38% growth in revenue from operations to Rs 6872 crore in Q3 December 2012 over Q3 December 2011. EBITDA declined 18.37% to Rs 582 crore in Q3 December 2012 over Q3 December 2011.

The company drew $100 million finance from Export Development Canada for its Mahan Aluminium Project. This is part of the overall financial closure for the project, Hindalco said in a statement.

On the status of its Greenfield projects, Hindalco said that the Mahan Aluminium , Hirakud FRP and Utkal Alumina projects are in the final stages of implementation and are expected to be ready for trail runs very shortly. With regard to future business outlook, Hindalco said that with the expansion projects going on-stream in the near-term, the company is well poised to take its business to the next level.

Hindalco Industries' US unit Novelis Inc. unveils its Q3 results tomorrow, 12 February 2013.

Hindalco Industries is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the world's largest custom smelter at a single location.

 



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