Novelis' Q3 fiscal results hit by volatile aluminium scrap prices, says CEO: net income declines 9% Y-o-Y
Novelis Inc., the international arm of Hindalco Industries Limited and the world leader in aluminium rolling and recycling, has announced its third-quarter results demonstrating a further downfall in financial performance. According to Steve Fisher, president and CEO of Novelis Inc., the increased competition in the scrap aluminium industry, with many more players joining, is creating significant pressure on pricing and eventually impacting their financial results.
According to the Q3 report, Novelis' net income stood at $110 million, further down by 14 per cent from $128 million in the previous quarter and 9 per cent lower than $121 million during the corresponding period of the last year. Net income attributable to common shareholders, excluding special items, was $119 million versus $157 million in Q2 FY2024-25 and $174 million in Q3 FY2023-24.
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