Hindalco posts 30.38 percent rise in Q2 net profit

Kolkata, Nov 10 (IANS) Aditya Birla Group’s flagship company Hindalco on Tuesday posted an increase of 30.38 percent in its net standalone profit at Rs.103 crore for the second quarter ended September 30, 2015.

During the July-September period in 2014, the company reported a net profit of Rs.79 crore.

On account of ramping up of production, the company’s net revenue from operations during the second quarter increased by 4.34 percent at Rs.8,925 crore as against Rs.8,554 crore in the same quarter of 2014-15.

In a statement, the company said its operating results for the quarter were significantly impacted by the severe drop in London Metal Exchange prices and regional aluminium premium coupled with macro economic factors.

During the quarter alumina production stood at 628 kt (kilo tonnes) which is 18 percent higher as compared to the second quarter of 2014-15.

“The Mahan smelter in Madhya Pradesh achieved full ramp up during the quarter, while Aditya smelter in Odisha is under ramp up. Despite higher volumes, the EBIT (earnings before interest and taxes) of aluminium segment declined because of lower realisations and higher depreciation,” it said.

In the copper production front, cathode production increased by four percent to 100 kt, while fertiliser production jumped by 18 percent to touch 87 kt.

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