Hindalco Industries' net profit in March quarter down y-o-y by 48%

25 May 2023 , 10:35 AM

Hindalco Industries reported a 48% y-o-y drop in standalone net profit for the March quarter to Rs 832 crore on Wednesday. In the same quarter last year, it was Rs 1,601 crore.

Revenue from operations increased 5% y-o-y to Rs 19,995 crore during the quarter, compared to Rs 18,969 crore in the previous fiscal’s corresponding quarter.

PAT fell 37% year-on-year to Rs 2,411 crore, on a consolidated basis, while revenue increased 5% year-on-year to Rs 55,857 crore.

Novelis improved its quarterly (QoQ) performance by 82%, with a net income of $175 million. Novelis’ revenue in Q4FY23 was $4.4 billion, a 8% decrease year-on-year, due to lower average aluminium prices and lower sales volume on a y-o-y basis.

The segment’s adjusted EBITDA per ton was $431, a 1% decrease year-on-year. Total shipments of flat rolled products were 936 Kt in the fourth quarter of FY23, down 5% from 987 Kt in the fourth quarter of FY22.

Quarterly upstream revenue for the aluminium business was Rs 8,050 crore in Q4FY23, down from Rs 9,253 crore the previous year. In the reporting quarter, aluminium upstream EBITDA was Rs 2,192 crore, with upstream EBITDA margins of 27%.

The Board has also proposed a dividend of Rs 3 per equity share for the fiscal year ending March 20, 2023.

At around 10.30 AM, Hindalco was trading 1.65% lower at Rs 400.20, against the previous close of Rs 406.90 on NSE. 

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