Aditya Birla Group-owned metals firm Hindalco Industries is bullish on the copper, alumiunium demand outlook in India, Managing Director Satish Pai said in a post-earnings media call on May 24 citing increased usage from the electrification, cookware and automobiles sector.
The company noted that domestic market demand for refined copper rose 15 percent YOY at 225 KT versus 196 KT in Q4 FY23. "Copper demand is very strong and most of is coming from household electrification," Pai said. The commodity also caters to industries including construction, automotive, telecommunications, and consumer goods.
Revenue from copper business rose to Rs 49,321 crore in FY24 as compared to Rs 41,702 crore last year. The segment clocked quarterly EBITDA of Rs 776 crore, up 30 percent YoY, which the company claims to be "all-time high".
Also read: Hindalco Q4 results: A look at the highlights
Meanwhile, the company's aluminium business in India also posted positive numbers in the quarter. Quarterly upstream revenue was Rs 8,469 crore in Q4 FY24 vs Rs 8,050 crore in the prior-year period. Aluminium Upstream EBITDA stood at Rs 2,709 crore in Q4 FY24, compared with Rs 2,192 crore for Q4 FY23, up 24 percent YoY.
"Most of the aluminium demand came from sectors such as conductor cables, cookware and automobiles, " Pai added.
Meanwhile, the company reported a 31.6 percent year-on-year rise in consolidated net profit at Rs 3,174 crore in March quarter, helped by robust sales coupled with low input costs across the company's business segments. Profit was Rs 2,411 crore in the same quarter last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
