Hindalco posts record revenue
Despite the current challenging global outlook, Hindalco, an Aditya Birla Group company, was able to register its highest-ever consolidated revenue at $15.9billion (Rs 78,657 crore), a growth of 19% year-on-year for 2010-11.business Updated: Sep 23, 2011 22:44 IST
Despite the current challenging global outlook, Hindalco, an Aditya Birla Group company, was able to register its highest-ever consolidated revenue at $15.9billion (Rs 78,657 crore), a growth of 19% year-on-year for 2010-11. The growth is primarily based on the growing consumption of aluminium and copper and a turnaround in its Novelis operation, for which it has been repaying the loans which it took for the acquisition in 2007.
“Fortunately, despite the global outlook the aluminum sector fared better than other sectors. Likewise, refined copper consumption saw an impressive recovery in 2010, after two consecutive years of decline in 2008 and 2009,” said Kumar Mangalam Birla, chairman, Hindalco.
Globally, aluminium consumption stood at 41 million tonne, an increase of 20% over 34 million tonne over the previous year. Consumption for copper rose to 18.5 million tonne in 2010, clocking a growth of 8.5% over 2009, despite a 46% rise in raw material prices.
“The real growth propellers have been the company’s low cost business model, operational excellence, superior product mix and the balanced and de-risked portfolio,” said Birla.
The board of directors recommended a dividend of Rs 1.5 per equity share, more than 10% compared with previous year.
First Published: Sep 23, 2011 22:44 IST