Hindalco Industries Q3 net slips 89 pct at Rs 40.46 cr

February 11, 2016 - 08:35:00 AM

Aluminium & copper producer, Hindalco Industries Ltd has reported a fall of 88.7 per cent in its standalone net profit after taxes (PAT) at Rs 40.46 crore for the third quarter ended December 31, 2015, on the back of sharp fall in metal prices. “The standalone PAT of the Aditya Birla Group arm stood at Rs 359.36 crore during the same period a year ago,” said Hindalco Industries Ltd in a filing to the Bombay Stock Exchange. The standalone total income of the company too fell by 4.7 per cent at Rs 8,400.38 crore during Q3 2015-16, as compared to Rs 8,815.51 crore during the same period last year. Total expenses were marginally down to Rs 7,786.65 crore during October-December period as against Rs 7,895.96 crore in the year-ago period. “Operating results for the quarter were severely impacted by the sharp drop in London Metal Exchange prices and regional aluminium premium, the macro economic factors beyond the company’s control. As a result, combined decline in realisations, on YoY basis was over $ 700 per tonne of aluminium,” the company said in a statement. “However, strong operating performance on the back of ramp up of new age smelters, partly aided by softer input prices helped us in partly mitigating the realisation pressure. The Mahan smelter is now operating at full capacity and the Aditya smelter is well on course of full ramp up,” it added. The company further said revenues for the quarter were down by 5 per cent due to a sharp decline in aluminium and copper realisations. However, a strong increase in aluminium volumes and thrust on value addition partially offset the impact of severe fall in realisations. Meanwhile, shares of the company were trading at Rs 65.65 apiece, down 6.15 per cent, from previous close on BSE at 14:09 hours.

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