Business

Hindalco reports 28 pc dip in profit at Rs 1,063 crore amid challenging environment

ANI | August 09, 2019 02:20 PM
The company is one of Asia’s largest producers of primary aluminium

Mumbai (Maharashtra) [India], Aug 9 (ANI): Hindalco Industries, the metals flagship company of Aditya Birla Group, said on Friday its consolidated profit after tax dropped by 28 per cent to Rs 1,063 crore in the April to June quarter compared to Rs 1,475 crore in the corresponding period of previous financial year.

The revenue from operations came down from Rs 31,078 crore to Rs 29,972 crore in the same period. Earnings before interest, tax, depreciation and amortisation (EBITDA) totalled Rs 3,769 crore in Q1 FY20 versus Rs 4,334 crore a year ago.

Consolidated profit before tax and before exceptional items was Rs 1,578 crore compared to Rs 2,275 crore in the prior year. The figures were down due to global downturn, lower commodity prices and subdued economic conditions.

"We continued to maintain our strong position in aluminium and copper in Q1 FY20 despite headwinds," said Hindalco's Managing Director Satish Pai.

"The resilient performance owes as much to our backward integration, resource security, strong balance sheet, operational capabilities and rich product portfolio. Nearly 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," he said in a statement.

Hindalco is a 18.7 billion dollar (about Rs 1.3 lakh crore) metals powerhouse. It is the world's largest aluminium rolling and recycling company, and a major copper player.

(ANI)

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