Hindalco Industries, an Aditya Birla Group company, has reported marginal drop in June quarter net profit at ₹290 crore (₹294 crore) largely due to one-time provisioning of ₹104 crore towards a mining litigation case.

Revenue during the quarter was up 28 per cent at ₹10,407 crore (₹₹8,159 crore) on better realisation and higher volume.

Satish Pai, Managing Director, said the company has relied more on export market as the demand in domestic market was weak ahead of GST roll-out.

The company anticipates that the recent Supreme Court judgment on mining may have an implication on its existing litigation and the provision has been taken, said the company.

Hindalco has pre-paid ₹4,505 crore in April and another ₹894 crore in July on the Utkal Alumina Refinery loan account. Interest outgo during the quarter was down 19 per cent at ₹488 crore (₹600 crore) due to pre-payment of loan.

Earnings before Interest, Tax, Depreciation and Amortisation was up 4 per cent at ₹1,404 crore.

The company has further strengthened coal security for aluminium business with new coal linkage of 2.9 million tonnes during the June quarter.

Revenue from aluminium business was up by 9 per cent at ₹5,008 crore, while Ebitda was flat at ₹875 crore.

Aluminium metal production was up 4 per cent at 3.21 lakh tonnes and output at Utkal Alumina increased 2 per cent to 7.24 lt.

The revenue from copper segment was up 51 per cent at ₹5,403 crore, driven higher copper LME realisation. Ebitda increased 22 per cent at ₹322 crore.

Cathode production at 1.09 lt was up 67 per cent.

Diammonium phosphate production was down 29 per cent at 67 lt due to operational issues, said the company.

Hindalco's US subsidiary Novelis reported net income of $101 million ($24 million) on the back of 4 per cent increase in shipments.

The company’s scrip was down 7 per cent at ₹221 on Friday.

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