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Hindalco Industries net profit down marginally to Rs 290 cr

Friday - August 11, 2017 8:26 pm , Category : BUSINESS

Mumbai Aug 11 (IANS) Aditya Birla Group company Hindalco Industries Limited on Friday reported a 1.3 per cent fall in its standalone net profit to Rs 290 crore in the quarter ended June 30 2017 as compared to Rs 294 crore in the year-ago period.



The fall in net profit was due to one-time provision of Rs 104 crore for mining litigation case.

"The net profit for the current quarter factors the exceptional provisioning of Rs 104 crore which is on the basis of recent Supreme Court judgement in a matter relating to mining regulation (to which the Company was not a party). The Company anticipates that the judgement may have an implication on its existing litigation which is sub-judice. The provision has been made as a matter of abundant caution " it said in a statement.

Company s revenue from operations in the quarter under review was at Rs 10 407 crore up by 28 per cent from Rs 8 159 crore in the year-ago period on account of higher volumes and realisation.

EBITDA (Earnings before Interest Tax Depreciation and Amortisation) was Rs 1 404 crore up four per cent compared to the previous year driven by higher aluminium and copper volumes.

The standalone aluminium revenue for the quarter under review was up by 9 per cent year-on-year at Rs 5 008 crore driven by higher sales of aluminium metal and increased realisation.

Aluminium metal production stood at 321 kilotonne and Alumina (including Utkal Alumina) of 724 kilotonne.

The revenue from copper segment was up 51 per cent year-on-year at Rs 5 403 crore and for the quarter company s cathode production was 109 kilotonne and CC rod 40 kilotonne.

--IANS
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