New Delhi, Feb 13 (PTI) Aditya Birla Group firm Hindalco Industries on Tuesday reported a 71.1 per cent rise in consolidated net profit to Rs 2,331 crore for the quarter ended on December 31, 2023, on the back of strong performance across aluminium and copper business segments.
The company had posted a net profit of Rs 1,362 crore in the October-December quarter of the previous financial year, Hindalco Industries said in a filing to BSE.
Hindalco Industries Managing Director Satish Pai told reporters that the company's aluminium and copper business segments "are performing very strongly." The company continues to stay on its growth track despite challenging market conditions, delivering a strong performance, driven by an enhanced product mix and lower input costs across its businesses, he said.
"The copper business registered a record EBITDA, up 20 per cent YoY on the back of strong volume growth and robust operations. The aluminium upstream business EBITDA rose 54 per cent YoY, supported by stable operations and lower raw material costs, which keeps us positioned in the first quartile of the global cost curve," he said.
The company, he said, continues to invest in promising growth areas both in aluminium and copper downstream.
Total income during the quarter under review dropped to Rs 52,808 crore from Rs 53,151 crore in the year-ago period.
Pai further said in the current financial year the company's capex will probably be around Rs 4,500 crore and in the next financial year it would be around Rs 5,500 crore.
Hindalco operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary Novelis, Hindalco is the global leader in flat-rolled products and the world's largest recycler of aluminium. PTI SID MR MR