New Delhi, Feb 10 (PTI) Hindalco Industries Ltd, Aditya Birla Group’s metals flagship, on Thursday reported a 95.7 per cent jump in consolidated profit after tax (PAT) to Rs 3,675 crore for the quarter ended December 31, 2021.
The results were driven by positive macros and focus on downstream value-added products along with better operating efficiencies.
The company had posted a consolidated PAT of Rs 1,877 crore in the year-ago quarter, Hindalco Industries said in a filing to the BSE.
Its consolidated revenue from operations during October-December 2021 increased to Rs 50,272 crore, compared with Rs 34,958 crore in the year-ago period, the filing said.
“Consolidated PAT in Q3 FY22 rose to a record Rs 3,675 crore from Rs 1,877 crore in Q3 FY21, a jump of 96 per cent y-o-y,” the company said.
Its consolidated revenue for the third quarter stood at Rs 50,272 crore, a jump of 44 per cent as against Rs 34,958 crore, Hindalco added.
The company said that it reported its highest net profit in Q3 FY22, surpassing all previous quarterly performances.
The results were driven by a consistent performance by Novelis and an exceptional performance by India business, supported by favourable macros, strategic product mix and an improved performance by the downstream business.
“Novelis continued to report consistent quarterly Ebitda despite challenges in the automotive segment due to the global semiconductor chip shortage, unplanned production downtime in South America and supply chain bottlenecks in Asia,” it said.
Ebitda stands for earnings before interest, tax, depreciation and amortisation.
Hindalco Industries Managing Director Satish Pai said, “Our sustained performance and strong balance sheet are driving our plans for further organic capex (capital expenditure). We have already announced over Rs 3,000 crore investments in our downstream pipeline – Hirakud and Silvassa, and the acquisitions of Ryker and Hydro’s Kuppam units.” Novelis has also announced capital projects that align market growth with sustainability considerations, Pai said.
“An example is the USD 365 million closed-loop recycling and casting centre for the North American market. Budget 2022 made clear the Indian government’s intent and impetus on infrastructure,” he said.
Pai also said the company expects a surge in demand for aluminium and copper and is well-positioned to serve the market. PTI SID SID HRS hrs