The Business Bytes
TBB BUREAU
MUMBAI, FEBRUARY 10, 2022
Aluminium major Hindalco Industries on Thursday reported 96 percent jump in consolidated net profit at Rs 3,675 crore for the third quarter (Q3) of the current financial year (FY22) as against Rs 1,877 crore in the year-ago period.
Consolidated revenue from operations rose 44 percent to Rs 50,272 crore from Rs 34,958 crore in Q3FY21.
The company reported its highest net profit in Q3FY22, surpassing all previous quarterly performances.
The results were driven by a consistent performance by Novelis and an exceptional performance by India business, supported by favourable macros, strategic product mix and an improved performance by the downstream business.
“Novelis continued to report consistent quarterly EBITDA (earnings before interest, tax, depreciation and amortisation) despite challenges in the automotive segment due to the global semiconductor chip shortage, unplanned production downtime in South America and supply chain bottlenecks in Asia,” it said.
Hindalco Industries Managing Director Satish Pai said, “Our sustained performance and strong balance sheet are driving our plans for further organic capex (capital expenditure). We have already announced over Rs 3,000 crore investments in our downstream pipeline – Hirakud and Silvassa, and the acquisitions of Ryker and Hydro’s Kuppam units.”
