INSUBCONTINENT EXCLUSIVE:
Hindalco reported a 24 per cent decline in its consolidated net profit in the third quarter ending December 2019, but a better-than-expected
of its sales and profits beyond home.
Hindalco reported a consolidated net profit of ?1,062 crore for the quarter, compared with ?1,394
crore during the same period last year
year, but consolidated Ebitda was down only 10 per cent, against expectations of a 13-15 per cent decline
On a standalone basis, the company reported a 64 per cent drop in profit to ?262 crore, while revenue was down 14 per cent to ?9,977 crore,
90 per cent of the decline in profit can be attributed to lower LME (London Metal Exchange) prices
managing director Satish Pai told ET.
The cost of production in aluminum has fallen 5 per cent due to the coal linkages received in 2019,
He also said that the cost of production will further come down by 2 per cent for the upcoming quarter.
Profit in the copper vertical
declined 48 per cent on-year, with Hindalco taking an unplanned shutdown in a weak market
Aluminium grows 7 per cent YoY