Novelis Inc Undeterred by Market Shifts as Net Income Dips

Novelis Inc, a subsidiary of Hindalco Industries, reported an 18% decline in net income to USD 128 million for the September quarter 2024-25. Despite this, their net sales rose by 4.5%, driven by increased aluminium prices, with record shipments for beverage packaging mitigating some challenges.

Novelis Inc, an aluminium producer based in the US and a subsidiary of Hindalco Industries, announced an 18% decrease in net income to USD 128 million for the September quarter of the 2024-25 fiscal year. This contrasts with the USD 157 million reported in the same period last year, as per their filing to the BSE.

The company's net sales surged by 4.5% to USD 4,295 million, attributed to higher aluminium prices and a slight increase in flat rolled product shipments to 945 kilotonnes. These sales gains offset some of the challenges faced during this quarter.

Steve Fisher, President and CEO of Novelis Inc, pointed out their achievement of record beverage packaging shipments, citing the company's global reach. Devinder Ahuja, Executive Vice President and CFO, emphasized their focus on managing the balance sheet while navigating market dynamics and progressing with growth investments.

(With inputs from agencies.)