Hindalco Industries, an Aditya Birla group company, reported that its consolidated net profit in the March quarter nearly tripled to ₹1,928 crore, from ₹668 crore logged in the same period last year, largely due to lower cost and better realisation.

Revenue in the quarter under review was up 38 per cent at ₹40,507 crore (₹29,318 crore).

The company announced a dividend of ₹3 per share.

EBITDA in the March quarter was up 33 per cent at ₹5,845 crore (₹4,173 crore). Finance cost reduced to ₹903 crore (₹1,429 crore).

Satish Pai, Managing Director, Hindalco, said the sharp rise in top and bottomline has further strengthened the balance sheet absorbing the Aleris acquisition and restoring consolidated net debt to EBITDA ratio to pre-acquisition levels.

The demand for aluminium was higher than pre-Covid levels in the March quarter, he said.

Gross debt of the company declined by ₹18,187 crore and net debt fell by ₹14,883 crore as of March 31 from the peak of last June.

Metal sales were up 5 per cent at 3.29 lakh tonnes (3.14 lakh tonnes). Value added aluminium product sales in India was up 21 per cent at 92,000 tonnes while aluminium EBITDA in India was at all-time high at ₹1,610 crore.

Copper cathode production at 97,000 tonnes was up 28 per cent while copper cathode rod output increased 7 per cent to 76,000 tonnes.

Novelis has raised €500 million through Senior Unsecured Green Bonds in Europe for 8 years due in 2029. It registered an all-time high shipments of 9.83 lakh tonne, up 21 per cent. Novelis adjusted EBITDA per tonne was at $514 up 9 per cent.

Integration of Aleris continues with $79 million run-rate combination cost synergies already achieved till the March quarter. Total synergy potential is estimated at $120 million.