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Hindalco Q4 results: Consolidated PAT surges 189% YoY to Rs 1,928 cr; firm declares dividend of Rs 3

Mumbai: today reported a 189 per cent year-on-year rise in its consolidated net profit for the quarter ended March to a record high of Rs 1,928 crore, which was above analysts’ estimates of Rs 1,194.2 crore for the quarter.

The company’s consolidated revenue from operations jumped 38 per cent on-year to Rs. 40,507 crore for the reported quarter.

The company’s board also declared a final dividend of Rs 3 per share for the financial year ended March 2021.

The company’s operating performance in the quarter was staggering as consolidated earnings before interest, tax, depreciation and amortization soared 33 per cent year-on-year to Rs 5,597 crore aided by a record performance by the India aluminium business and Novelis.

Hindalco said that Novelis reported an all-time high operating profit of $505 million, up 32 per cent on-year with adjusted EBITDA per tonne rising 9 per cent on-year to $514.

“The results were driven by a strong performance by Novelis and India aluminium business, supported by higher volumes and better product mix, lower input costs, stability in operations and cost saving actions,” the company said.

The India business reported a record quarter of earnings. The profit after tax of India business jumped 72 per cent on-year to Rs 653 crore aided by record aluminium sales of 92,000 tonne. The Indian aluminium business’ operating profit hit an all-time high of Rs 1,610 crore for the reported quarter, up 54 per cent on-year.

While the aluminium business stole the show, even the copper business showed strong sequential recovery as operating profit rose 33 per cent to Rs 269 crore on account of stability in operations.

“Our record Q4 results have strengthened our balance sheet even further, absorbing the Aleris acquisition and restoring consolidated net debt to EBITDA ratio to pre-acquisition levels. Through Q4, our India business continued to rise with demand higher than pre-Covid levels,” said managing director Satish Pai.

Hindalco’s gross debt declined by Rs 18,187 crore and net debt fell by Rs 14,883 crore as of March 31, 2021 from its peak on June 30, 2020, the company said. The company’s consolidated net debt-to-EBITDA ratio improved significantly to 2.59 times as on March 31 from a peak of 3.83 times on June 30, 2020.

Shares of Hindalco were up 1.1 per cent at Rs 389.30 on the National Stock Exchange.

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