Hindalco Q2 revenues up 7% on higher volumes

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Hindalco Q2 revenues up 7% on higher volumes

Hindalco Industries, a flagship company of Aditya Birla Group, has reported a standalone net profit of Rs 502.5 crore in the second quarter of FY12, a growth of nearly 16% as compared to Rs 433.8 crore in the corresponding quarter of last fiscal.

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Hindalco Industries Ltd , India's largest aluminum producer by volume,  recorded a 16% rise in its standalone net profit for the July-Sept quarter at Rs 503 crore Year-on-Year. Net sales for the period also climbed 7% to Rs 6,272 crore, driven by higher volume and improved realisation, despite lower sales of value added products, said the company in an earnings release.

The company said the results for the quarter under review have been impacted by cost escalations and constrained bauxite and coal availability during the monsoon. Interest and finance charges stood at Rs 68 crore, up 28% y-o-y. Meanwhile, EBITDA also grew 8% at Rs 845 crore.

PBITDA (profit before interest tax depreciation and amortisation) increased by 8% with higher volume and realisation in aluminium business and better by-product realisation in copper business.

During the quarter aluminium revenues were higher at Rs.2,213 crore up 16% y-o-y as a result of  higher volumes and better aluminium prices on the LME (London Metal Exchange). Last year's performance was impacted by smelter outage at Hirakud. Despite strong inflationary pressures and constrained supply of bauxite and coal during the monsoon, profit before interest and taxes was sustained, said the company.

In copper segment, the company clocked in revenues of Rs. 4,062 crore vs. Rs.3,951 crore, on the back of higher LME and by-product credits. Copper volumes were lower on account of shutdown of one of the smelters up to mid July.   However, the Copper Business being a custom smelting operation, with offset hedging program, was not significantly impacted by the gain or loss on changes in LME/foreign exchange fluctuations.

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