Hindalco in 3QFY2024: Double-digit growth in net profit due to lower input costs & steady performance

On Tuesday, February 13, Hindalco Industries Limited announced a strong double-digit growth in net profit for the third quarter of FY2024 ended December 31, 2023. As per the report, the Aditya Birla Group Company’s consolidated net profit soared 71 per cent year-on-year to amount to INR 2,331 crore, driven by robust performance across aluminium and copper business segments.

Hindalco’s consolidated EBITDA was INR 6,322 crore, up 61 per cent year-on-year on account of lower input costs and strong operating performance. In the Indian aluminium segment, upstream business EBITDA for the quarter was INR 2,443 crore, up 54 percent Y-o-Y.

Consolidated revenue for the third quarter of FY2024 was INR 52,808 crore – 1 per cent less than INR 53,151 crore a year ago. Revenue from the upstream segment was INR 7,971 crore in Q3 FY2024, down by 0.93 per cent from INR 8,046 crore during the corresponding period of the previous year.

Downstream third quarter revenue was INR 2,547 crore in Q3 FY2024, down by 3.78 per cent from 2,647 crore in Q3 FY2023. Sales of downstream products also dipped in Q3 FY2024 from 91,000 tonnes to 90,000 tonnes. Downstream EBITDA was INR 103 crore, reflecting a sharp fall of 34 per cent from INR 157 crore in the earlier year, impacted by unfavourable product mix and lower realisations.

Commenting on the results, Mr. Satish Pai, Managing Director of Hindalco Industries, said: “We continue to stay on our growth track despite challenging market conditions, delivering a strong performance, driven by an enhanced product mix and lower input costs across our businesses.”