Moneycontrol Bureau
Aluminium major Hindalco Industries missed street expectations on all counts on Thursday. Net profit grew 7.5 percent year-on-year to Rs 359 crore, impacted by higher expenses.
Profit was expected at Rs 420 crore on revenue of Rs 8,730 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Revenue grew 17.7 percent to Rs 8,472 crore during October-December quarter from Rs 7,201 crore in same quarter last year, driven largely by aluminium business.
Revenue from its aluminium business climbed 47 percent year-on-year to Rs 3,636 crore with EBIT margin rising 370 basis points while copper business reported a 3 percent growth in revenue at Rs 4,975 crore with EBIT margin improving 180 basis points.
Operating profit of the Aditya Birla Group company jumped 46.7 percent to Rs 923 crore and margin expanded 200 basis points to 10.7 percent in Q3 on yearly basis. Analysts had estimated operating profit at Rs 940 crore and margin at 10.8 percent for the quarter.
Finance cost during the same period increased 170.9 percent to Rs 447.5 crore and power & fuel cost has gone up 42 percent to Rs 1,344.3 crore while other expenses shot up 78 percent to Rs 910.8 crore.
At 13:55 hours IST, the scrip of Hindalco Industries was quoting at Rs 152.40, up Rs 2.55, or 1.70 percent on the BSE.
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