[ad_1]
By Malvika Gurung
Investing.com — The aluminium and manufacturer Hindalco Industries (NS:) reported strong earnings numbers for the Dec-ending quarter.
Its net profit in Q3 FY22 jumped 95.8% YoY and 7.5% sequentially to Rs 3,675 crore, compared to Rs 1,877 crore in the year-ago, backed by lower finance costs and increased revenue. The figure beat the Street’s estimate and was the highest-ever profit recorded by the company.
The company’s revenue from operations rose 43.8% YoY to Rs 50,272 crore, exceeding analysts’ estimate at Rs 47,320.03 crore.
Hindalco’s operating income slid 3.2% in the quarter to Rs 7,312 crore, which is still at par with the Street’s estimate of Rs 7,328 crore, largely due to the lower performance of the Indian aluminium division.
Hindalco’s US subsidiary Novelis reported a 5.9% YoY decline in quarterly EBITDA to Rs 3,711 crore in Q3. The Ebitda of its Indian aluminium business declined 55% YoY to Rs 1,461 crore, as per a Bloomberg report.
The company’s results were driven by an exceptional performance of Indian business, along with a consistent performance from Novelis, along with favourable macros, strategic product mix and improved performance by the downstream business, reported the country’s largest aluminium producer.
Moreover, the management projects a surge in demand for aluminium and copper, on lines of Budget 2022, stating that Hindalco has already planned an investment of Rs 825 crore under the government’s Production Linked Incentive scheme.
[ad_2]
Source link
