November 10, 2020 6:03:52 pm
Hindalco Industries Ltd on Tuesday reported a 60.2 per cent fall in consolidated revenue after tax (PAT) at Rs 387 crore for the quarter ended September 30 on account of one-time affect of Rs 1,398 crore on account of the divestiture of the Lewisport unit of Aleris.
The corporate had posted a PAT of Rs 974 crore within the corresponding quarter of earlier fiscal, Hindalco Industries Ltd mentioned in a submitting to the BSE.
Nevertheless, the corporate’s income from operations throughout July-September quarter rose to Rs 31,237 crore from Rs 29,657 crore within the year-ago interval.
In an announcement, Hindalco mentioned that “regardless of a one-time affect of Rs 1,398 crore on account of the divestiture of the Lewisport unit of Aleris, the corporate reported a consolidated PAT of Rs 387 crore. Consolidated PAT for the persevering with enterprise, which displays the corporate’s Q2 efficiency, surged 83 per cent YoY, to Rs 1,785 crore.”
The corporate mentioned its outcomes have been pushed by a robust efficiency by its wholly-owned subsidiary Novelis, and India aluminium enterprise, supported by larger volumes and higher product combine, decrease enter prices, stability in operations, and price saving initiatives.
“It’s heartening to see a pointy restoration of demand to close pre-Covid ranges in India aluminium and copper companies. Novelis too sees the same rise throughout segments, apart from aerospace,” Hindalco Industries Ltd Managing Director Satish Pai mentioned.
“Operationally, we’ve maintained excessive effectivity and productiveness, thus enabling us to ship a pointy improve in PAT as in comparison with each final quarter and final yr,” he added.
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