Hindalco Ind reports 4% fall in Q3 net at Rs434 crore
Moneylife Digital Team 08 February 2013

Finance cost rose to Rs169 crore in the December quarter, up from Rs79 crore in the year-ago period on greater average borrowings

Hindalco Industries’ December 2012 quarter net profit fell 4% to Rs434 crore, year-on-year on higher finance cost, which rose to Rs169 crore from Rs79 crore, y-o-yon account of greater average borrowings.


Sales of the company rose around 4% to Rs6,872 crore on higher volumes in copper businesses.


Copper business contributed Rs4,660.84 crore to the overall income, which is 5% higher, y-o-y.


The company said, with new projects going on-stream in near-term, the company is well poised to take the business to the next level.


Hindalco’s Renukoot and Hirakud smelters which were shut due to environmental concerns, have resumed operations. This development will help boost capacity.


The firm is in an expansion mode with 359 ktpa (kilo tonnes per annum) Mahan Aluminium and Aditya Aluminium smelters and 1.5 million tonne per annum Utkal refinery are likely to be commissioned later this year.


Last month, Hindalco acquired alumina refinery and bauxite mines in Brazil from Novelis as part of corporate re-organisation plan. This will allow the company, with its sole focus on mining and alumina business, to create value out of the moth-balled assets.

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