Hindalco on Wednesday posted 24.98 per cent year-on-year drop in profit at Rs 376.97 crore for the quarter ended March.
It had posted a profit of Rs 502.52 crore in the corresponding quarter last year.ETNow poll had predicted a profit of Rs 475 crore.Total income of the company dipped marginally 0.70 per cent to Rs 11,886.02 crore in Q4FY18 over Rs 11969.66 crore in Q4FY17.For the financial year ended March 2018, the company posted 220 per cent year-on-year rise in net profit at Rs 6,083 crore against Rs 1,900 crore a year ago.Having delivered a record performance and a strong balance sheet in FY18, the company will continue to leverage its core strength in operational and business excellence.
In line with its strategy to growth in downstream businesses, the company will focus on quality, customer centricity and use of digital technology to deliver superior shareholder value, the management of the company in a release said.The board of directors of the company on Wednesday recommended a dividend at 120 per cent i.e.
Rs 1.20 per equity share of face value of Re 1 each for the financial year ended March 31.Shares of the company felt after the announcement of earnings numbers.
They were trading at Rs 240.20, down by Rs 2.90 or 1.19 per cent at around 2.30 pm.