Hindalco Industries Ltd has reduced its aluminium products price after hiking it the price of the same products on July 1. With effect from Saturday July 4, Hindalco aluminium ingots price now stands at INR 136,750 per tonne, a decrease of 2.15% or INR 3,000 per tonne from INR 139,750 per tonne on July 1.
The company is now selling its wire rods and billets at INR 147,850 per tonne and INR 143,850 per tonne with effect from Saturday, 4 July 2020, marking a growth of INR 3,000 per tonne from July 1.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the Coronavirus pandemic.
Hindalco Industries closed the financial year 2019-20 (FY20) with 31% decline in its consolidated net profit at INR 3,767 crore as compared to INR 5,495 crore in the preceding fiscal. The consolidated revenue from operation dropped by 9% to INR 1.18 lakh crore against INR 1.31 lakh crore in the financial year 2018-19.
Aluminium operations of the company, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.
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