Hindalco Q1 Results: Consolidated PAT slumps 40% YoY to Rs 2,454 crore; sales drop 9%
Hindalco Industries on Tuesday reported a 40.4% year-on-year (YoY) drop in consolidated net profit for the June 2023 quarter to Rs 2,454 crore. Revenue from operations declined nearly 9% YoY to Rs 52,991 crore.
On the standalone level, the net profit plunged 59% on year to Rs 600 crore but was a tad higher than the ET Now poll of Rs 590 crore. Sales rose a mere 2% YoY to Rs 19,904 crore but topped the estimated Rs 17,753 crore.
Weak performance of subsidiary Novelis, lower realisation, and subdued demand weighed on the overall performance of the aluminium major. Consolidated operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), slumped 32% on year to Rs 5,714 crore.
Operating profit margin contracted a whopping 375 basis points to 10.78%. More to come...
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