Hindalco PAT drops 63 pc in December quarter

PTI | New Delhi | Updated: 09-02-2023 15:53 IST | Created: 09-02-2023 15:43 IST
Hindalco PAT drops 63 pc in December quarter
Hindalco Industries Limited logo Image Credit: ANI
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Hindalco Industries, the Aditya Birla Group metals flagship, on Thursday posted a 62.9 per cent decline in consolidated profit after tax at Rs 1,362 crore for the quarter ended December 31, 2022 mainly due to elevated input costs, unfavourable macros and inflationary impacts. The company had posted consolidated Profit After Tax (PAT) of Rs 3,675 crore in the year-ago period, Hindalco said in a regulatory filing.

''Consolidated PAT in Q3 FY23 was at Rs 1,362 crore compared to Rs 3,675 crore in Q3 FY22, a decline of 63 per cent YoY (Year-on-Year),'' the company said in a statement.

However, the revenue from operations in the third quarter increased to Rs 53,151 crore, over Rs 50,272 crore a year ago, the filing said.

''Though the India aluminium upstream business EBITDA came under pressure from the surge in input costs and lower realisations, this was partially offset by higher volumes. The India aluminium downstream business segment delivered a higher EBITDA YoY, due to higher volumes and better pricing,'' Hindalco Industries Managing Director Satish Pai said.

The company's copper business registered a 40 per cent growth in EBITDA driven by higher volumes and better realisations, supported by a robust domestic demand, he said.

Novelis witnessed unprecedented inflationary pressures, unfavourable foreign exchange rates and lower shipments; this was partially offset by higher pricing and a favourable product mix.

''Despite the hits of this quarter due to external factors, we believe the long-term story remains positive backed by our strong balance sheet and resilient business model,'' he added.

The revenue from the copper business was Rs 10,309 crore during the quarter, up one per cent Y-o-Y due to higher volumes in the third quarter of FY23.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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