MUMBAI : Higher metal sales and improved margins pushed Aditya Birla group metals flagship Hindalco Industries’ consolidated net profit by 32% on-year to Rs 3,174 crore in the March quarter.
The company in a statement on Friday said while all business verticals performed well, with record aluminum and copper sales and the resultant margin improvement, the main reason for the good show is its US subsidiary Novelis which reported a strong performance with 25 percent more operational income at $540/tonne.
The company said the copper business delivered a new record-breaking performance in Q4, with an all-time high operating income of Rs 776 crore, which was up 30 percent on-year, backed by record sales. On the other hand, the upstream aluminium business reported an operating margin of 32 percent, which it claimed is the best in the industry, globally, taking its revenue to Rs 2,709 crore, which is 24% more than the comparable period in the previous fiscal.
However, for the full year, the consolidated net fas flat with a marginal 1% growth at Rs 10,155 crore. All-time high metal sales volumes in aluminium of 1,372 kt up by 2 percent, and copper at 506 kt, up 15%. The board of the company has recommended a dividend of Rs 3.5/share for FY24. Satish Pai, MD, said they concluded the year with strong results across business segments. This was due to the strategic focus on value-added products and margin improvement.