Hindalco Industries, an Aditya Birla Group company, said on Tuesday its third-quarter net profit (including Utkal Alumina) was up 47 per cent at ₹713 crore (₹484 crore) on the back of better realisation.

Revenue from operations rose 8 per cent at ₹11,938 crore (₹11,044 crore).

The company had pre-paid long term loans of ₹1,575 crore last October and reduced interest cost by 12 per cent. As of December-end, the gross debt was at ₹22,700 crore and net debt was ₹16,200 crore after considering reserves of ₹6,500 crore.

Ebitda during the quarter was up 4 per cent at ₹1,926 crore (₹1,861 crore) despite the cost and imports going up significantly.

Satish Pai, Managing Director, Hindalco Industries, said the market share of domestic aluminium producers has shrunk to 40 per cent from 45 per cent while that of imports has jumped to 60 per cent from 55 per cent in the last eight months of this fiscal.

Imports from China alone have risen 64 per cent to 2.88 lakh tonnes (1.75 lt) after the US closed its doors on cheap shipments from there, he added. Moreover, he said, scrap imports from the US jumped 142 per cent in the last eight months to 1.54 lt after China levied a punitive duty on such imports.

Hindalco has decided to subscribe for the rights issue of Idea Cellular to maintain its holding at the current level of 2.5 per cent, he added.

Revenue from aluminium business was up 13 per cent at Rs 6,018 crore (Rs 5,345 crore) while Ebitda increased eight per cent at Rs 1,286 crore (Rs 1,188 crore). Aluminium production of 3.24 lt (3.23 lt) while alumina (including Utkal Alumina) was higher at 7.49 lt (7.34 lt).

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