New Delhi: Aditya Birla Group firm Hindalco Industries on Wednesday reported 24.98% decline in its standalone net profit to Rs376.97 crore for the fourth quarter ended 31 March.
The leading aluminium and copper producer had clocked a profit of Rs502.52 crore in the last quarter of 2016-17. The company’s total standalone income dipped marginally to Rs11,886.02 crore in the January-March quarter of 2017-18 fiscal, compared to Rs11,969.66 crore in the same period in 2016-17, it said in a regulatory filing.
Its total expenses in the March quarter was almost stagnant at Rs11,329.68 crore.
“Having delivered a record performance and a strong balance sheet in FY18, the Company will continue to leverage its core strength in operational and business excellence. In line with its strategy to grow in downstream businesses, the Company will focus on quality, customer centricity and use of digital technology to deliver superior shareholder value,” the company said in a statement.
Giving project updates, the company said its new Continuous Cast Rod Plant in copper was commissioned in Q4 FY18, while work on Utkal’s brownfield capacity expansion by 500 Kt has commenced.
“It is expected to be completed in 30 months with a capital outlay of around Rs1,300 crore. To enrich its product mix, the Company is evaluating investments in aluminium downstream facilities,” it added.
The company said its aluminium (Hindalco Plus Utkal) revenue stood at Rs21,089 crore in FY18 and was driven by higher sales of aluminium metal, better realisations and supportive macros.
For the entire 2017-18 fiscal, the company recorded production of aluminium at 1,291 Kt with alumina (including Utkal) at 2,881 Kt. Aluminium production was up 2% as compared to the previous year, it said, adding that value added products (VAP including Wire Rod) production was at 479 Kt, sustained at FY17 levels.
The company said its revenue from copper segment was up 15% at Rs22,371 crore as overall volumes and realisations in VAP were higher.
“The overall production in copper business was highest ever at 410 Kt, given the improving demand in wire rod and copper cathodeand were up 9 per cent and 4 per cent, respectively,” it said.
The shares of the company settled at Rs240.00 apiece on BSE, down 1.11% from previous close.