Hindalco net profit jumps 77%
Hindalco Industries Limited reported strong third quarter results with net profit up by 77%.
The company reported a consolidated PAT of ₹1,877 crore, up 77% year-on-year, and a nearly five-fold sequential increase.
The results were driven by a strong performance by Novelis and India Aluminium Business, supported by higher volumes and better product mix, lower input costs, stability in operations and cost saving actions.
The Copper Business maintained its performance sequentially in Q3 FY21 versus Q2 FY21. Novelis reported an all-time high EBITDA as well as EBITDA per ton, as a result of continued demand for innovative, sustainable aluminium solutions and outstanding operational performance across its expanded business.
Commenting on the results, Mr. Satish Pai, managing director, Hindalco Industries Ltd., said: “Our Q3 results flag a return to business at pre-COVID levels with resurgent demand globally. Novelis achieved record shipments, driven by strong demand across product end markets.
“The India Business delivered an excellent performance with aluminium value-added products continuing to record higher volumes.
“Along with market performance, we have strengthened our balance sheet which shows in a significant improvement in the consolidated net debt to EBITDA ratio.
“The inclusion of the Aleris business has positively impacted the overall top line and EBITDA, with realisation of synergies at $54 million on a run-rate basis in Q3.
“Our performance is a reflection of our sustainability-led approach to business. Hindalco has been recognised as the world’s most sustainable aluminium company in the 2020 DJSI CSA ranking.”
Read the full results here.
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