Financial Daily from THE HINDU group of publications
Sunday, Apr 30, 2006
Financial Daily from THE HINDU group of publications Sunday, Apr 30, 2006 |
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Corporate Results
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Aluminium Hindalco Q4 net up 40% Our Bureau
MR D. BHATTACHARYA, Managing Director, Hindalco Industries Ltd, at a press conference to announce the company's results in Mumbai on Saturday. — Shashi Ashiwal
Mumbai , April 29 Hindalco Industries Ltd ended the fourth quarter of FY2006 with a 40 per cent increase in net profit at Rs 626.3 crore, helped by strong metal prices. Net sales for the quarter moved up by 45 per cent to Rs 3,657.40 crore. The company's fourth quarter performance was the best in several quarters, Mr D. Bhattacharya, Managing Director, Hindalco, said. The company's earnings were better than market expectations. This was reflected in Hindalco's share price on BSE where it gained Rs 11.25 to end at Rs 224.40 in Saturday's trade. For the full year, net profit grew by 25 per cent to Rs 1,655.5 crore. Net sales increased by 20 per cent to Rs 11,396.5 crore. Revenues from its aluminium business for the quarter grew by 18.5 per cent to Rs 1,726.3 crore and profit jumped by 61.2 per cent to Rs 713.1 crore. Copper business revenues increased by 82.4 per cent to Rs 1,931.7 crore fuelled by a steep rise in copper prices. Profit also jumped to Rs 120 crore (Rs 64.6 crore). However, copper profitability was impacted in the full year because of a major shut down. Copper profitability has been hit by production losses but offset by high copper prices, Mr Bhattacharya said. The company's board has recommended a dividend of Rs 2.20 per share. Rising costs of important inputs continue to be a major issue, Mr Bhattacharya said. Crude oil prices have been volatile. Prices of coal, fuel oil, caustic soda and bauxite have been firm or moving upwards. The company resorted to certain actions including improving power efficiency, lower coal consumption, grid power substituted by captive power. In terms of outlook, aluminium demand is expected to be quite robust amidst low inventory levels. Copper prices are expected to be volatile. Concentrate supplies are tightening while tc/rc (treatment/refining charges) are on a declining trend.
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