Hindalco Q2 net profit jumps ~123% y-o-y to ₹1,891 Crore

12 Nov 2024 , 01:29 PM

Hindalco Industries stated that the company has recorded a 123% y-o-y increase in its standalone net profit for the quarter ended September 2024 to ₹1,891 Crore, compared to ₹847 Crore in the previous corresponding quarter. 

The earnings exceeded the Street forecast of ₹1,294 Crore. Revenue from operations increased by 8% year on year to ₹22,262 Crore during the reporting year.

Company’s net profit increase was driven by strong operational performance in India, excellent macroeconomic conditions, and disciplined cost management.

The Sierre flood and tightened scrap spreads had an influence on Novelis’ segment performance. Novelis’ revenue for the quarter increased by 5% to $4.3 billion, driven by higher average aluminium prices.

Novelis’ adjusted EBITDA of $462 million was down 5% due to lower metal benefits, an unfavourable product mix, and a $25 million flood effect at Sierre. Excluding the Sierre flood impact, shipments increased by 4%, with EBITDA per tonne at $502.

Novelis’ net income fell 18% to $128 million, owing to $61 million in charges for Sierre production disruptions, as well as restructuring and impairment expenses.

The copper company achieved another record-breaking performance in Q2, with EBITDA reaching an all-time high of ₹829 Crore, a 27% increase. The segment’s quarterly revenue increased 5% to ₹13,114 Crore.

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