29 MAY 2013NDTV Profit
Hindalco shares drop after net falls 25% in fourth quarter
Edited by : AL CIRCLE
1 min read
Hindalco shares started lower on Wednesday despite the company reporting better margins on a sequential basis. The stock traded 0.8 per cent lower at INR 109.15 as of 09.22 a.m., underperforming the broader Sensex, which traded 0.17 per cent lower at 20,125.
Hindalco's net profit dipped 24.68 per cent to USD 85.82 million in the fourth quarter ended March 31. Weak aluminium prices on the London Metal Exchange, rising input costs and smelter disruption put pressure on the bottomline of the Aditya Birla Group's flagship firm, Hindalco Managing Director D Bhattacharya said.
Prices of coal, caustic soda and furnace oil were higher by 10-30 per cent compared to the previous year, he added.
Net sales were down 8.5 per cent at USD 1245.37 million during fourth quarter compared to USD 1361.64 million crore a year ago as both the business segments of the company, aluminium and copper, reported decline in revenues.
Commenting on future growth plans, Bhattacharya said despite LME prices at consistently depressed levels, the long-term prospects for aluminium is bright in both local as well as international markets.
Hindalco's net profit dipped 24.68 per cent to USD 85.82 million in the fourth quarter ended March 31. Weak aluminium prices on the London Metal Exchange, rising input costs and smelter disruption put pressure on the bottomline of the Aditya Birla Group's flagship firm, Hindalco Managing Director D Bhattacharya said.
Prices of coal, caustic soda and furnace oil were higher by 10-30 per cent compared to the previous year, he added.
Net sales were down 8.5 per cent at USD 1245.37 million during fourth quarter compared to USD 1361.64 million crore a year ago as both the business segments of the company, aluminium and copper, reported decline in revenues.
Commenting on future growth plans, Bhattacharya said despite LME prices at consistently depressed levels, the long-term prospects for aluminium is bright in both local as well as international markets.
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