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Hindalco reports highest ever quarterly profit in Q1 FY23, up 48% | Mint – Mint

Hindalco on Wednesday reported an all-time high quarterly consolidated net profit for the first quarter ended June at 4,119 crore, up 48% from the year-ago quarter. Its consolidated revenue rose to 58,018 crore as againts 41,358 crore, up 40% year-on-year (YoY).

The company said the results were driven by an excellent performance by Novelis, and a robust performance by Aluminium Downstream and Copper businesses, supported by operational efficiencies and higher volumes. Novelis reported its best-ever quarterly EBITDA and EBITDA per ton, primarily due to higher product pricing, favourable product mix and recycling benefits.

Hindalco reported an all-time high EBITDA of 8,640 crore, which was up 27% fron the year ago quarter of 6,790 crore. Meanwhile, its consolidated Net Debt to EBITDA remained strong at 1.40x on June 30, 2022 compared to 2.36x on June 30, 2021.

“After the record profitability of the fourth quarter, I am pleased to share that we delivered an even stronger first quarter despite rising input costs and inflationary pressures. Our performance was backed by strong operational efficiencies and pre-emptive sourcing of critical raw material, thus ensuring stable operations and higher margins. Our business model supports our position as an integrated aluminium producer with one of the world’s best EBITDA margins,” said Satish Pai, Managing Director, Hindalco Industries.

He added “Oour product mix enhancement strategy is working well with the Aluminium Downstream EBITDA growing four-fold YoY. Novelis reported its highest ever EBITDA per ton driven by higher product pricing, favourable product mix and higher recycling benefits. Looking ahead, we remain focused on riding all market cycles with our greener, stronger, smarter approach.”

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