Aditya Birla Group's metals flagship Hindalco's consolidated net profit for the March quarter (Q4FY21) nearly tripled to Rs 1,928 crore over the last year, mainly on account of strong performance by Novelis and India Aluminium Business, supported by higher volumes and better product mix. It was Rs 668 crore in the corresponding quarter of the pervious year (Q4FY20).
Sequentially, the profit rose 3 per cent from Rs 1,877 crore in the December quarter (Q3FY21). The India business Profit After Tax (PAT) came in at Rs 653 crore, up 72 per cent YoY and 32 per cent sequentially.
Revenue from operations came in at Rs 40,507 crore for the quarter under review, an increase of 38 per cent from Rs 29,318 crore in the same period last year.
"Novelis reported an all-time high EBITDA, as a result of continued demand for innovative, sustainable aluminium solutions and outstanding operational performance across its expanded business," the company said in a filing.
Commenting on the results, Satish Pai, Managing Director of Hindalco said: “This past year, with all its volatility and uncertainty, has underscored Hindalco’s resilience and ability to deal with challenges. Our record Q4 results have strengthened our balance sheet even further, absorbing the Aleris acquisition and restoring consolidated net debt to EBITDA ratio to pre-acquisition levels. The Aleris business continues to positively impact the overall top line and EBITDA."
Hindalco's board has recommended a dividend Rs 3 share for FY21.
Hindalco's stock was up over 1 per cent in afternoon trade at Rs 389.85 on NSE.
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