Hindalco Q1 sales fall 5%, operating profit rises 5%

economictimes.indiatimes.com:

Hindalco Industries saw its consolidated net profit slump 40% on year to Rs 2,454 crore in the June quarter as weak prices of aluminium and subdued volumes weighed on both its domestic and overseas operations. Revenue of the Aditya Birla group company fell 9% on year to Rs 52,991 crore, while earnings before interest, tax, depreciation and amortization fell by nearly a third on year to Rs 6,109 crore. On a sequential basis, sales fell by 5%, but operating profit rose by 5%, while the bottom-line was 2% higher. The sequential improvement in performance was driven by a recovery at US-based subsidiary Novelis and the downstream aluminium business in India, and was backed by a steady performance in the copper business, the company said in a statement. “FY24 has started on a promising note. Our focus on expanding our value-added portfolio and operational efficiencies has enabled us to deliver a sustained performance in the face of continued macroeconomic pressures,” Satish Pai, the managing director of the company said in a statement.The company’s consolidated net debt to operating profit ratio rose to 1.73 times at the end of the June quarter as compared to 1.39 times as on March-end.

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At Novelis, the company’s wholly owned subsidiary in the US, earnings and profitability are seen improving from the current quarter onwards as the de-stocking of beverage cans by consumers has ended, Pai told reporters