New Delhi: Aditya Birla Group flagship firm Hindalco Industries on Thursday reported a 37.4% decline in standalone profit to ₹235.82 crore for the quarter ended 31 March.
The company had posted a standalone profit of ₹376.97 crore in the year-ago period, Hindalco Industries said in a filing to BSE.
However, the company's standalone income during January-March quarter increased to ₹12,733.23 crore, over ₹11,892.06 crore a year ago.
Hindalco Industries Ltd is a global major in aluminium and copper.
In the statement, the company said, "PAT (profit after tax) for Q4 FY19 stood at ₹506 crore ( ₹616 crore in Q4 FY18), primarily due to weaker macros and higher input costs in the last quarter."
The consolidated profit 2018-19 fell to ₹5,495.01 crore, over ₹6,082.87 crore in the year ended 31 March, 2018.
The company's board of directors "recommended dividend at 120% i.e. ₹1.20 per equity share of face value of Re 1 each for the financial year ended 31 March, 2019, subject to approval of the shareholders at the ensuing annual general meeting," the filing said.
"Our FY19 consolidated profits reached an all-time high in spite of a difficult business environment. This resilient performance reflects the strength of our integrated business model, excellent operational capabilities, stable operations and our enriched product portfolio," said Satish Pai, managing director at Hindalco Industries.
"Novelis' innovative products and customer-centric approach helped it deliver its best-ever performance. In India, our increased focus on downstream is already showing encouraging results with record aluminium value-added product volumes this year. In copper, too, the share of value-added products (copper rods) has risen, helping the business maintain profitability despite lower volumes," Pai added.
He said the company expects the impetus provided by India's growth to boost demand for aluminium.
"Rising imports of aluminium and copper, however, pose a threat and we look forward to suitable steps to provide a level-playing field," he added.
Shares of the company were trading up by 1.57% at ₹193.95 apiece on the BSE.
This story has been published from a wire agency feed without modifications to the text.
