Hindalco names Satish Pai as MD, Debu Bhattacharya to continue as non-executive director

Hindalco Industries named Satish Pai, currently deputy managing director, as the managing director.

Current Managing Director D Bhattacharya will continue as non-executive director and has also been appointed vice-chairman, Hindalco said in its statement.

The aluminium major reported a 123% jump in net profit in the quarter ended March, helped by higher volumes and lower input costs.

"D. Bhattacharya, will be demitting office as managing director with effect from 31 July 2016," Hindalco said on BSE on Saturday.

Chief financial officer Praveen Kumar Maheshwari has been inducted as the whole-time director on the board of the company for a term of five years.

Bhattacharya will play an active role at the Aditya Birla Group level, a person familiar with the matter said. He is likely becoming the chairman of Group's business review council.

For the January-March quarter, the company reported a net profit of Rs.356 crore, as against Rs.160 crore reported in the corresponding period the previous year. The company in its statement said its net profit in the March 2015 quarter was impacted by certain one-time charges of Rs.146 crore.

"Cost of production has come down sharply as we have completely ramped up our new plants. Energy related costs have come down with coal costs coming down," Bhattacharya said. " I would be disappointed if we do not repeat this performance next quarter. "

He said aluminium prices are expected to take bound in the coming quarters.