NEW DELHI : Hindalco Industries on Wednesday reported 76.7% rise in consolidated profit after tax (PAT) at ?1,877 crore for the quarter ended December 31, 2020.
The company has posted consolidated PAT of ?1,062 crore in the year-ago period, Hindalco Industries said in a filing to BSE.
The consolidated revenue from operations of the company in the October-December period increased to ?34,958 crore, over ?29,197 crore in the year-ago period, the filing said.
In a statement the company reported “a consolidated PAT of ?1,877 crore, up 77 per cent year-on-year (YoY), and a nearly five-fold sequential increase”.
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, it said.
“The copper business maintained its performance sequentially in Q3 FY21 versus Q2 FY21. Novelis reported an all-time high EBITDA as well as EBITDA per tonne, as a result of continued demand for innovative, sustainable aluminium solutions and outstanding operational performance across its expanded business,” it said.
Satish Pai, Managing Director of Hindalco Industries, said, “Our Q3 results flag a return to business at pre-COVID levels with resurgent demand globally. Novelis achieved record shipments, driven by strong demand across product end markets. ”
The India business delivered an excellent performance with aluminium value-added products continuing to record higher volumes. Along with market performance, the company has strengthened its balance sheet which shows in a significant improvement in the consolidated net debt to EBITDA ratio, Pai said.
“The inclusion of the Aleris business has positively impacted the overall top line and EBITDA, with realisation of synergies at USD 54 million on a run-rate basis in Q3. Our performance is a reflection of our sustainability-led approach to business,” he added.
Hindalco Industries is the metals flagship company of the Aditya Birla Group.
News Source:- Livemint