Moneycontrol Bureau
Shares of Hindalco rallied 11 percent intraday Monday, riding high on its March quarter results. Boosted by strong aluminium business, the company's net profit zoomed 124 percent to Rs 356.3 crore in January-March quarter from Rs 159 crore in year-ago period.
During the quarter, its total turnover slipped 8 percent at Rs 8667.9 crore compared to Rs 9371.6 crore year-on-year. Revenue in Q4 was lower due to a sharp decline in aluminium and copper realisations. However, a strong increase in aluminium volumes following increased production and value addition across businesses helped it to partially offset the impact of sharp fall in realisations.
'The weaker rupee also enabled partially offset the impact of the drop in realisations. The lower cost of raw materials, especially energy inputs was a major relief during the quarter," the company said in a statement.
At 11:01 hrs Hindalco Industries was quoting at Rs 101.65, up Rs 9.80, or 10.67 percent.Posted by Nasrin Sultana
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