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06 AUGUST 2021 AL CIRCLE

Q1 FY 22: Hindalco Industries reports all-time high consolidated net profit of INR 2,728 crore riding on the back of aluminium business

EDITED BY : RUPANKAR MAJUMDER 2MINS READ

On 6th August 2021, the flagship metal arm of  Aditya Birla Group, Hindalco Industries stated that the company has reported an all-time high consolidated Q1 net profit at INR 2,787 crore, as compared to a loss of INR 709 crore in Q1FY21.

Hindalco Industries reports all-time high consolidated net profit of INR 2,728 crore

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The company further said that the results were navigated by a strong performance by Novelis and India Business, supported by favourable macros, strategic product mix, and stability in operations.

The metal giant’s total revenue from operations stood at INR 41,358 crore, up 64% as compared to INR 25,283 crore in the year-ago quarter.

Hindalco said: “The consolidated EBITDA was an all-time high at INR 6,790 crore, up 188% YoY and 16% QoQ.”

“Novelis Inc. and Aluminium India Business drive its highest-ever quarterly net profits. EBITDA for Aluminium India was at an all-time high of INR 2,352 crore in Q1 FY22, compared with INR 973 crore for Q1FY21. Aluminium India Business recorded metal production of 319 Kt vs 291 Kt in the corresponding period.”

Satish Pai, Managing Director of Hindalco Industries, said: "This quarter we delivered record-breaking financial results despite the impact of the Covid second wave. Our robust financial performance accelerated pace of deleveraging and the increasing strength of our balance sheet has been recognised by the market and is reflected in credit rating upgrades for both Novelis and Hindalco.”

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“The company is witnessing improvement across business segments due to strong demand, plants running at capacity and better margins. The company’s aluminium business in India hit a 13-year high operating margin of 37.5% in the reported quarter.”


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EDITED BY : RUPANKAR MAJUMDER 2MINS READ

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