Novelis, aluminium business drive performance
Hindalco Industries Ltd. reported its fourth-quarter consolidated net profit rose threefold to ₹1,928 crore from ₹668 crore in the year-earlier period, on the back of improved volumes and operational efficiencies.
Consolidated revenue for the quarter stood at ₹40,507 crore as compared to ₹29,318 crore, a 38% year-on-year rise. For FY21, consolidated profit after tax (PAT) for continuing operations increased 38% to ₹5,182 crore.
“The results were driven by a strong performance by Novelis and India aluminium business, supported by higher volumes and better product mix, lower input costs, stability in operations and cost saving actions,” the company said in a regulatory filing. Novelis reported an all-time high EBITDA as a result of continued demand for innovative, sustainable aluminium solutions and outstanding operational performance across its expanded business, the company said. “Our record Q4 results have strengthened our balance sheet even further, absorbing the Aleris acquisition and restoring consolidated net debt to EBITDA ratio to pre-acquisition levels,” Hindalco MD Satish Pai said.
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