Hindalco's Q3 profit skyrockets 71% to Rs. 2,331 crore
Hindalco Industries, Aditya Birla Group's flagship company, has reported a 71% YoY increase in consolidated net profit, reaching Rs. 2,331 crore for December quarter. In comparison, net profit during the same period last year was Rs. 1,362 crore. According to Hindalco's Managing Director Satish Pai, growth can be attributed to the copper business achieving record EBITDA, up 20% YoY, and the aluminium upstream business EBITDA increasing by 54% YoY. Consolidated revenue in Q3 declined 0.6% YoY to Rs. 52,808 crore.
US-based subsidiary's performance and revised Bay Minette project cost
Novelis, Hindalco's US-based subsidiary, also saw an impressive 81% rise in adjusted net income to $174 million in Q3, along with a 33% boost in adjusted EBITDA to $454 million. However, its Q3 net sales experienced a 6% decline to $3.9 billion due to lower average aluminum prices. Novelis announced a 65% increase in total capital cost and a one-year delay for its Bay Minette project, revising the project cost to $4.1 billion with commissioning expected by end-CY2026 or H2FY27.
Hindalco's Q3 revenue breakdown and EBITDA growth
During Q3, Hindalco's copper business revenue reached Rs. 11,954 crore, a 16% YoY increase, driven by higher sales volumes and prices. Meanwhile, revenue from aluminium upstream dipped by 0.9% to Rs. 7,971 crore. Lower input costs played a significant role in more than doubling EBITDA for the aluminium upstream segment. EBITDA stood at Rs. 2,443 crore in Q3 FY24, compared to Rs. 1,591 crore in the same quarter last year. Hindalco's stock closed at Rs. 509.45, which is 12.53% lower.
