Hindalco Industries on Wednesday reported a 21.9 percent fall in standalone net profit for Q3FY20 at Rs 193 crore as against Rs 247 crore in Q3FY19. Net profit was above CNBC-TV18 poll estimates of Rs 115 crore.
On a consolidated basis, profit after tax stood at Rs 1,062 crore, down 24 percent from Rs 1,394 crore year-on-year. Total revenue from operations during the quarter fell 14.4 crore at Rs 10,230 crore from Rs 11,944 crore YoY.
Consolidated revenue for Q3FY20 stood at Rs 29,197 crore compared to Rs 33,213 crore in the same quarter last year. Ebitda (earnings before interest, taxes, depreciation, and amortisation) rose 9.3 percent YoY to Rs 1,013 crore while Ebitda margin expanded by 210 bps YoY to 9.9 percent, beating street estimates.
The company’s subsidiary Novelis delivered a continued strong operational and financial performance in Q3FY20. Novelis recorded its highest Q3 Ebitda of $343 million, a growth of 7 percent over the prior year, the company said in a regulatory filing.
Adjusted Ebitda per tonne was $430 in Q3FY20, up 7 percent year-on-year. Novelis reported a net income (excluding tax-effected special items) of $132 million during the quarter, an increase of 31 percent over Q3FY19.
Revenue was down 10 percent year-on-year at $2.7 billion in Q3FY20, mainly due to a decline in average base aluminum prices and local market premiums, partly offset by favorable recycling benefits, the company said.
The aluminum business of the company (including Utkal Alumina) reported a 9 percent fall in revenue at Rs 5,467 crore in Q3FY20 as compared to Rs 6,019 crore in Q3FY19 due to lower realisations.
Aluminum Metal sales volume grew 2 percent YoY to 328 kt while aluminium value added product (excluding wire rods) volumes remained flat year-on-year, at 75 kt.
Revenue from the copper business during the quarter fell to Rs 4,774 crore from Rs 5,943 crore in the year-ago quarter. Ebitda was also down by 48 percent at Rs 256 crore in Q3FY20 compared to Rs 490 crore in Q3FY19, primarily due to lower volumes and realizations in Q3FY20.
Total copper metal sales were lower by 14 percent at 84 Kt in Q3FY20 versus 99 kt in Q3FY19 on account of lower production.
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