Aditya Birla Group-owned Hindalco Industries on Thursday reported a 31% year-on-year decline in its standalone net profit to Rs. 327.50 crore during the first quarter, from Rs. 474.1 crore last year, on rising expenses. Revenue during the quarter, however, rose 37% to Rs. 7,996.14 crore.
“Revenue from operations grew on the back of higher volume in both the businesses (aluminium and copper) and higher realisation in aluminium business,” the company said. Revenue from aluminium business was up 36% and that from copper rose 37% in April-June.
It’s total expenses were up 34% to Rs. 7,435 crore, mainly due to higher costs of materials consumed and rise in power and fuel costs. Finance costs more than doubled to Rs. 338 crore due to interest on project loan being charged to revenue, on progressive capitalisation of Greenfield projects.