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

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.

business Updated: Nov 06, 2012 23:30 IST
HT Correspondent

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. http://www.hindustantimes.com/Images/Popup/2012/11/07_11_12-buss23b.jpg

“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.”