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Hindalco Industries, an Aditya Birla group company, plans to raise long term finance of Rs 5,000 crore through issue of equity linked instruments including preferential allotment, qualified institutional placement and rights issue.
The company's net profit during September quarter nearly trebled to Rs 440 crore (Rs 123 crore) on the back of higher volume and lower cost.
Sales were flat at Rs 9,562 crore (Rs 9,561 crore).
Aluminium production increased 19 per cent to 3.21 lakh tonnes. Share of value added products in overall sales was up 8 per cent, wire rod production increased 36 per cent.
Copper production at 1.06 lakh tonnes was the highest ever in any quarter. Improved efficiencies helped offset sharp decline in sulphuric acid prices, it said.
Revenues for the quarter were broadly stable, as the impact of higher aluminium revenues was largely negated by a sharp decline in copper realisation due to decline in copper LME, along with lower premium and lower co-product prices (sulphuric acid and DAP).
In dollar terms, the average LME for aluminium was up two per cent and the rupee was weaker. The local market premium was down 34 per cent. The copper LME was lower by 10 per cent. Continued surge in imports of aluminium adversely affected the profitability, it said.
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