Medilytix Bureau:
Hindalco Industries Limited, the Aditya Birla Group metals company, on Thursday reported 96 per cent year-on-year surge in consolidated net profit at a record-high of Rs 3,675 crore on “favourable macros, strategic product mix and an improved performance by the downstream business.” The company had posted a net profit of Rs 1,877 crore in the year-ago period.
Sequentially, the firm saw a rise of 7.5 per cent in its net profit from Rs 3,417 crore in Q3FY21.
“The results were driven by consistent performance by Novelis and an exceptional performance by India business… Novelis continued to report consistent quarterly EBITDA despite challenges in the automotive segment due to the global semiconductor chip shortage, unplanned production downtime in South America and supply chain bottlenecks in Asia,” the company said in a statement.
The company’s revenue from operations also increased 44 per cent to Rs 50,272 crore in the third quarter as against Rs 34,958 crore in the same quarter last fiscal.
Consolidated Net Debt to EBITDA was at a strong 1.62x on December 31, 2021 compared to 2.59x on March 31, 2021.