Hindalco Industries on Tuesday reported a 71% year-on-year (YoY) growth in its consolidated net profit at Rs 2,331 crore for the quarter ended December 2023. The profit stood at Rs 1,362 crore a year ago.

Revenue from operations in the third quarter fell marginally to Rs 52,808 crore from with Rs 53,151 crore in the same quarter of last year.

The profit growth was driven by a robust performance across aluminium and copper business segments.

Consolidated EBITDA for the December quarter jumped 61% year-on-year to Rs 6,322 crore.

Segment wise, Novelis revenue fell 6% year-on-year to $3.9 billion in the reporting period, impacted by impacted by lower average aluminum prices.

Novelis reported an adjusted EBITDA of $454 million, up 33% year-on-year driven by favourable metal benefit from recycling, higher pricing, and lower operating costs. Novelis’ adjusted EBITDA per ton also increased 33% year-on-year at $499.Total shipments of flat rolled products were flat at 910 Kt in the third quarter.In the India Aluminium segment, upstream revenue was fell marginally to Rs 7,971 crore in the third quarter. Aluminium Upstream EBITDA stood increased 54% year-on-year to Rs 2,443 crore, driven by lower input costs. Upstream EBITDA margins were at 30.7% and continue to be one of the best in the global industry.

The downstream third quarter revenue declined to Rs 2,547 crore in the reporting quarter, compared with Rs 2,647 crore a year ago.

Sales of downstream Aluminium stood at 90 Kt vs 91 Kt in Q3 FY23, flat YoY. Downstream EBITDA dropped 34% year-on-year to Rs 103 crore in Q3FY24, majorly impacted by unfavourable product mix and lower realizations.

The Copper business revenue rose 16% YoY to Rs 11,954 crore, driven by higher sales volumes and prices. EBITDA for the copper business was at an all-time high of Rs 656 crore in the third quarter, backed by higher shipments and robust operations.

Copper metal sales during the quarter were at 119 Kt. Copper Continuous Cast Rod (CCR) sales, meanwhile, stood at 93 Kt, supported by growing market demand for value-added products and increased utilization of our rod mills.

On Tuesday, Hindalco shares were trading 12% lower at Rs 510.15 on NSE.

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