Hindalco’s consolidated net profit falls 95% in 2015-16

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Mumbai, July 21 (IANS) Aluminium and copper maker Hindalco Industries Ltd on Thursday said the Group’s consolidated net profit fell 95 percent to Rs 44.81 crore for the year ended March 31, 2016 as compared to Rs 854.21 crore reported in 2015.

Revenue from operations for the year ended March stood at Rs 100,042.16 crore where as the same was at Rs 104,281.10 crore for the year ended March 31, 2015.

Revenue from aluminium was lower at Rs 82,812.11 crore in 2015-16 as against Rs 83,139.49 crore in 2014-15. Copper revenue stood at Rs 17,245.65 crore, dipping from Rs 20,492.34 crore in the previous year.

Total expenses of the company decreased to Rs 95,537.82 crore in 2015-16 against Rs 98,927.09 crore in 2014-15.

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“Consequent to approval of Scheme of Amalgamation of Aditya Birla Chemicals (India) Limited (ABCIL), a subsidiary of the Company, with Grasim Industries Limited (Grasim) by the respective Hon’ble High Courts, the amalgamation has since been approved by the Board of Directors of Grasim to make it effective from April 01, 2015,” it said in a filing to BSE.

Accordingly, current year’s result of ABCIL has not been included in consolidated results of the company. However, for the year ended March 31, 2015, the group’s share in ABCIL’s net profit was Rs 20.38 crore and to the extent, current year’s consolidated profit is not comparable, the filing said.

“Exceptional items (Net) include impairment of fixed assets Rs.450.91 crore and write down in value of inventories Rs 125.62 crore of Birla Nifty Pty Ltd, a subsidiary of the company, as a result of potential decreases in Cu grade in the ore for remaining life of the mine, economically unviable of recovery of copper and change in macro-economic conditions,” it added in the filing.

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