Costs bite, Hindalco Q2 net dips 29% | business | Hindustan Times
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Costs bite, Hindalco Q2 net dips 29%

business Updated: Nov 06, 2012 23:30 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Aditya Birla group company Hindalco Industries recorded a net profit of Rs. 359 crore for the quarter ended September — a decline of 29% from the previous year’s Rs. 503 crore — on rising input costs.

The Kumar Mangalam Birla -led company said its power purchase had turned costly, impacting its supply chain and driving up cost of production.

“The general slowdown, coupled with the stubbornly high cost of inputs may impact the business results of the company in the near future,” Hindalco said in a statement. “However, the company would continue to take proactive steps to extract minimum value from the various drivers of its business.”

“Currently 30% of the global players are making losses but in future we would see more demand for aluminium from the automobile sector,” said D Bhattacharya, MD, Hindalco. “Indian players have outperformed global players.”