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Aditya Birla Group flagship company Hindalco Industries today reported a little over 2 per cent dip in net profit for the third quarter of the current fiscal at Rs 450.69 crore due to increased cost of raw materials.
The company, an industry leader in aluminium and copper production, had clocked a net profit of Rs 460.34 crore in the same quarter last fiscal.
“The benefits of higher volume and realisation have been negated by the cost surge of over Rs 300 crore,” it said in a statement. Net sales of the company, however, rose 11 per cent to Rs 6,647 crore over Rs 5,975 crore in the October-December quarter of the last fiscal.
Aluminium business contributed Rs 2,236.19 crore to the topline and the remaining Rs 4,418.15 crore by the copper business.
The company managed to have Rs 29 crore more “other income” during the quarter than a year ago due to improved treasury yield, but higher interest and financing charges offset the benefit, it said.
Hindalco Industries incurred Rs 79.34 crore expenses on interest charges against Rs 51.60 crore a year ago.
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