Hindalco's stock price up by more than 6% today

14 Nov 2022 , 02:17 PM

On November 14, Hindalco Industries’ stock increased by 5% due to higher LME Aluminum pricing. The LME Aluminum price increased by 6% on Friday. The removal of some of the Covid restrictions in China and better-than-expected profitability for the quarter that ended September 2022 also helped the stock price rise.

Due to reduced aluminum prices and increased input costs, Hindalco Industries reported a 36 % dip in its consolidated net profit for the three months ended September 30, 2022, to Rs2,205 crore from Rs3,427 crore in the same period the previous year on November 11. Sequentially, the profit decreased 46% from Rs4,119 crore, which was the period of April through June, and was the most significant quarterly profit ever.

The Aditya Birla Group company’s combined revenue increased by 18% y-o-y to Rs 56,176 crore from Rs 47,665 crore in the previous quarter. Sequentially, the revenue decreased somewhat from Rs 58,018 crore by 3%.

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