Hindalco on Friday reported a 69.7% year-on-year (YoY) jump in its March quarter standalone profit to Rs 1,412 crore while its revenue rose 10.72% YoY to Rs 22,140 crore.
Both the numbers were ahead of the Street estimates of Rs 838 crore profit and Rs 20,552 crore revenue.
At a consolidated level, Hindalco reported an EBITDA of Rs 7,201 crore, up 24% YoY, driven by lower input costs and higher volumes. On a sequential basis, EBITDA was up 14% driven by better performance of India Aluminium, Copper and Novelis.
Consolidated PAT in Q4 rose 32% YoY and 36% QoQ to Rs 3,174 crore.
While announcing its March quarter results, the Aditya Birla Group company also recommended a dividend of Rs 3.50 per equity share.
Quarterly upstream revenue in the India aluminium business was at Rs 8,469 crore in Q4 FY24 vs Rs 8,050 crore in the prior year period. The copper business recorded a 20% YoY growth in revenue to Rs 13,424 crore on account of higher volumes. EBITDA for the Copper Business was at an all-time high of Rs 776 crore in Q4 FY24 compared to Rs 598 crore in Q4 FY23, up 30% YoY, and up 18% QoQ backed by stable operations, higher domestic sales and better Tc/Rc.
Novelis’ revenue in Q4 FY24 stood at $4.1 billion (vs $4.4 billion), down 7% YoY, impacted by lower average aluminium prices YoY.
\”The copper business has grown to become the 2nd largest in the world for copper rods (excluding China). It achieved its best ever performance with sales crossing 500,000 tonnes for the first time, and an alltime high EBITDA for the quarter and the year. Similarly, the Aluminium India Upstream Business reported industry-best quarterly EBITDA margins of 32%, driven by higher volumes and cost optimisation,\” Hindalco MD Satish Pai.
\”We continue to maintain a strong balance sheet and solid liquidity even after repaying Rs 5,195 crore of debt in Hindalco India business during the year. This positions us well to stay on our growth track and drive our future organic growth plans with prudent capital allocation,\” he said.
