Hindalco net dips 9.6% to Rs. 708 cr | business | Hindustan Times
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Hindalco net dips 9.6% to Rs. 708 cr

business Updated: May 08, 2012 22:30 IST
HT Correspondent

Aditya Birla Group's flagship company Hindalco Industries' net profit for fourth quarter of financial year 2011-12 fell 9.6% to Rs. 708 crore against the year-ago period on weak prices for its main product aluminum and high raw material cost. However, better performance of copper business helped the firm partially offset the impact of lower aluminum prices on London Metal Exchange (LME).

The company reported 12% growth in net revenue at Rs. 7,647 crore. About the outlook for financial year 2012-13, D Bhattacharya, managing director, Hindalco said: "Pressure on LME prices may keep margins subdued in aluminum industry." Cost pressure in terms of coal prices in India will also pose challenges. Hindalco's aluminum projects including Mahan and Hirakud are scheduled to be completed this fiscal. "Our projects will kick in FY13. However our conversion of Ebitda to bottomline will be impacted by interest and depreciation," said Bhattacharya.

Bhattacharya said in the first quarter of the current fiscal, aluminum consumption growth is only 3.3% against 9.6% last year.