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Hindalco Q1 net profit slips 28% to Rs 1,063 crore

Hindalco's consolidated revenue from operations declined 3.55 per cent on an annual basis to Rs 29,972 crore during the June quarter of the current fiscal

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Hindalco Q1 net profit slips 28% to Rs 1,063 crore
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Hindalco Industries posted a 27.92 per cent year-on-year decline in consolidated net profit during the quarter ended June 30, 2019. The Aditya Birla group company registered net profit of Rs 1,063 crore during the quarter under review, as opposed to Rs 1,475 crore during the year-ago period.

Hindalco's consolidated revenue from operations declined 3.55 per cent on an annual basis to Rs 29,972 crore during the June quarter of the current fiscal. The aluminium and copper manufacturer had reported Rs 31,079 crore as revenue from operation during the corresponding quarter last year. Total income during the April-June period also slipped to Rs 30,268 crore, down 3 per cent from Rs 31,206 crore.

Consolidated EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the June quarter was at Rs 3,769 crore, as opposed to Rs 4,334 crore a year ago. Long-term loans remained unchanged from end-FY19, with consolidated net debt to EBITDA at 2.69x as on June 30, 2019, Hindalco Industries said in a regulatory filing.

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Novelis, Aluminium and Copper segments reported a year-on-year decline in segment revenue as well as segment results during the June quarter of FY19-20. Segment result for Aluminium took a major hit, as it declined 42 per cent to Rs 889 crore.

"We continued to maintain our strong position in aluminium and copper in Q1 FY20 despite headwinds. The resilient performance owes as much to our backward integration, resource security, strong balance sheet, operational capabilities and rich product portfolio. Today, 79 per cent of Hindalco's consolidated EBITDA is non-LME linked, reflecting a balanced and sustainable business model, which will serve us well in all market conditions," said Satish Pai, Managing Director, Hindalco Industries.

ALSO READ:Tata Steel Q1 profit tumbles 64.5% to Rs 683 crore on weak demand, subdued revenue growth

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