Hindalco net up 11% at R534 cr; wraps up funds for Orissa plant | business | Hindustan Times
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Hindalco net up 11% at R534 cr; wraps up funds for Orissa plant

business Updated: Aug 03, 2010 20:54 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Kumar Mangalam Birla-led Hindalco Industries announced a net profit of R534 crore — an increase of 11 per cent — for the quarter ended June 2010. Its profit was R481 crore in the same quarter last year.

The company on Tuesday also announced that it has achieved the financial closure of a loan agreement of R4,906 crore for Utkal Alumina International Limited (UAIL) a 100 per cent subsidiary of Hindlaco which is setting up a 1.5 million tonnes per annum alumina refinery in Orissa.

Higher volumes, a better product mix and improved realisation helped the Aditya Birla Group company's net sales grow by 33 per cent to R5,178 crore during the quarter.

"A higher price at the London Metal Exchange (LME) and better by-product realisation in its copper business helped in revenue growth," said D Bhattacharya, managing director, Hindalco. "We will work to maintain growth momentum across the businesses."

While the Aluminium business accounted for 36 per cent of the revenues, the copper business accounted for 64 per cent of the company's revenues.

In the copper business, revenues were higher at R3,314 crore, up 34 per cent from R2,479 crore in the previous quarter, mainly on account of higher copper prices at LME. However, the copper business being a custom smelting operation, with an offset hedging programme, it was not significantly impacted by the gain or loss on changes in LME.