Private firm Hindalco’s Q4 profit burns 36%
Aluminium maker Hindalco Industries on Thursday reported 36 per cent fall in standalone net profit to Rs 160 crore for the quarter ended March 31, mainly on account of Rs 146 crore liability towards Renewable Power Obligations (RPO).
The Aditya Birla Group flagship had posted <g data-gr-id="24">net</g> profit of Rs 248 crore in the January-March period of the previous fiscal, 2013-14, it said in a BSE filing. Standalone net sales of Hindalco rose by 10 per cent to Rs 9,219 crore in the January-March quarter, from Rs 8,360 crore in the same quarter of 2013-14, it added.
Expenses rose to Rs 8,761 as against Rs 7,835 crore during the year-ago period. Hindalco said: “Net profit after tax at Rs 160 crore in lower mainly on account of an exceptional item of Rs 146 crore liability provided towards RPO.” On a quarter-on-quarter basis, net sales rose by 9 per cent helped by higher aluminium and copper sales volume, it added. For the entire 2014-15 fiscal, Hindalco’s standalone net profit fell by 35 per cent to Rs 925 crore from Rs 1,413 crore in 2013-14. Net sales for the fiscal rose by 24 per cent to Rs 34,094 crore, as against Rs 27,573 crore.
In a separate filing, Hindalco Industries said its Board has recommended a dividend payment of Re 1 per share for the 2014-15 fiscal. Hindalco stock closed 1.57 per cent down at Rs 132 per share on the BSE.
Ramping up of the capacity at <g data-gr-id="30">Mahaan</g> Aluminium and Aditya <g data-gr-id="31">Aliminium</g> projects led to <g data-gr-id="29">production</g> of the metal rising to 242 kilotonnes in January-March quarter, from 217 kilotonnes in the previous quarter of last fiscal, Hindalco said. Copper cathode production rose to 100 kilotonnes in Q4 2014-15, from 94 kilotonnes in Q3 2014-15, it added. On a consolidated basis, Hindalco’s revenue rose to Rs 1.04 lakh crore in 2014-15, from Rs 87,695 crore in 2013-14. Net profit was lower at
Rs 854 crore on account of higher interest cost and exceptional items.