scorecardresearch
Follow Us:
Wednesday, December 02, 2020

Hindalco Industries Q2 PAT declines 60% to Rs 387 crore

The company had posted a PAT of Rs 974 crore in the corresponding quarter of previous fiscal, Hindalco Industries Ltd said in a filing to the BSE.

By: PTI | New Delhi | November 10, 2020 6:03:52 pm
A porter walks past a shop that stocks products of Hindalco Industries Ltd., in an old section of New Delhi, India, Wednesday, July 26, 2006. (Photographer: Amit Bhargava/Bloomberg News)

Hindalco Industries Ltd on Tuesday reported a 60.2 per cent fall in consolidated profit after tax (PAT) at Rs 387 crore for the quarter ended September 30 due to one-time impact of Rs 1,398 crore on account of the divestiture of the Lewisport unit of Aleris.

The company had posted a PAT of Rs 974 crore in the corresponding quarter of previous fiscal, Hindalco Industries Ltd said in a filing to the BSE.

However, the company’s revenue from operations during July-September quarter rose to Rs 31,237 crore from Rs 29,657 crore in the year-ago period.

In a statement, Hindalco said that “despite a one-time impact of Rs 1,398 crore on account of the divestiture of the Lewisport unit of Aleris, the company reported a consolidated PAT of Rs 387 crore. Consolidated PAT for the continuing business, which reflects the company’s Q2 performance, surged 83 per cent YoY, to Rs 1,785 crore.”

The company said its results were driven by a strong performance by its wholly-owned subsidiary Novelis, and India aluminium business, supported by higher volumes and better product mix, lower input costs, stability in operations, and cost saving initiatives.

“It is heartening to see a sharp recovery of demand to near pre-Covid levels in India aluminium and copper businesses. Novelis too sees a similar rise across segments, except for aerospace,” Hindalco Industries Ltd Managing Director Satish Pai said.

“Operationally, we have maintained high efficiency and productivity, thus enabling us to deliver a sharp increase in PAT as compared to both last quarter and last year,” he added.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement