Hindalco Industries on May 24 reported net consolidated profit for the quarter ended March at Rs 2,411 crore, down 37 percent from Rs 3,860 crore in the same quarter a year ago.
Its revenue from operations came in at Rs 55,857 crore, rising 0.16 percent from Rs 55,764 crore in the corresponding quarter last year, the aluminium maker said in an exchange filing.
Consolidated EBITDA of the company was at Rs 5,818 crore, down 23 percent year on year (YoY).
Its US-based subsidiary Novelis’ net Income was at $175 million, down 7 percent YoY.
“Our Copper Business delivered exceptional results recording its highest-ever EBITDA, driven by robust market demand, stable operations and higher value-added product sales,” said Satish Pai, Managing Director, Hindalco Industries. “Our India Aluminium Downstream Business, which experienced its highest-ever EBITDA growth in FY23, reflects our strategic focus on enhancing this segment. Despite macroeconomic headwinds, Novelis has shown quarter-on-quarter recovery supported by improved product pricing and favourable product mix.”
The company said, looking ahead, a Net-Debt-Free India business and a strong balance sheet will continue to power its ambitions for organic growth.
Total shipments of flat rolled products from Novelis’ plants were at 936 kilo tonnes (Kt) in Q4 FY23 vs 987 Kt in Q4 FY22, down 5 percent YoY, and up 3 percent QoQ supported by higher aerospace and record automotive shipments in Q4.
Novelis’ revenue in Q4 FY23 stood at $4.4 billion (vs $4.8 billion), down 8 percent YoY, impacted by lower average aluminium prices and subdued sales volume YoY. Novelis reported an adjusted EBITDA of $403 million (vs $431 million), down 6 percent YoY, and up 18 percent QoQ supported by higher product pricing and volumes product mix. Novelis’ adjusted EBITDA per ton at $431 was down 1 percent YoY, and up 15 percent sequentially.
Aluminium - India Biz
Quarterly Upstream revenue for this segment was Rs 8,050 crore in Q4 vs Rs 9,253 crore in the prior year period. Aluminium Upstream EBITDA stood at Rs 2,192 crore compared with Rs 3,742 crore, down 41 percent YoY, and up 38 percent QoQ supported by lower input costs, the company said. Upstream EBITDA margins were at 27 percent.
Downstream revenue was Rs 2,738 crore vs Rs 3,282 crore in the prior year period. Sales of Downstream Aluminium stood at 90 Kt vs 93 Kt, down 4 percent YoY, and down 1 percent sequentially. Downstream EBITDA stood at Rs 112 crore, down 20 percent YoY and down 29 percent QoQ.