NEW DELHI: Aditya Birla Group flagship Hindalco Industries’ quarterly (Q1FY23) profit jumped by almost half on an annual basis, underpinned by strong US sales and higher revenue that cushioned the impact of pricier raw materials.
Hindalco on Wednesday reported a 47.7% year-on-year rise in consolidated profit after tax (PAT) at Rs 4,119 crore for the quarter ended June 30. Analysts at large were expecting Hindalco to report a profit of Rs 2,850 crore.
Hindalco sales during Q1FY23 climbed 40% from a year earlier to Rs 58,020 crore. “Our performance was backed by strong operational efficiencies and pre-emptive sourcing of critical raw material, thus ensuring stable operations and higher margins,” the company’s Managing Director Satish Pai said.
He added that the company delivered a stronger first quarter in spite of rising input costs and inflationary pressures. The company’s revenue from the copper business grew by 48% to Rs 10,529 crore.
Its US unit Novelis Inc. reported a 32% year-on-year increase in sales and $307 million in net income from continuing operations. The company saw record shipments in North America on strong demand from can manufacturers and the automotive sector, although the favourable pricing environment was partly offset by inflationary pressures.