Hindalco Industries, the Aditya Birla Group metals flagship company, on Friday reported nearly three-fold rise in its consolidated profit-after-tax (PAT) at Rs 1,928 crore for the quarter to March 2021, mainly on account of higher volumes and lower input costs.
The company had posted a consolidated PAT of Rs 668 crore in the year-ago period, Hindalco India said in a filing to the BSE.
Its consolidated revenue from operations in the January-March 2021 period increased to Rs 40,507 crore, over Rs 29,318 crore in the year-ago period.
In a statement, Hindalco Industries said that the "company reported its best quarterly performance with consolidated PAT up 189 per cent at Rs 1,928 crore, a nearly three-fold increase YoY".
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, it said.
"The copper business recorded a 33 per cent jump in EBITDA sequentially in Q4 FY21 versus Q3 FY21 on account of stable operations. Novelis reported an all-time high EBITDA, as a result of continued demand for innovative, sustainable aluminium solutions and outstanding operational performance across its expanded business," it said.
Commenting on the results, Satish Pai, Managing Director, Hindalco Industries Ltd, said, this past year, with all its volatility and uncertainty, has underscored Hindalco's resilience and ability to deal with challenges.
"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. The Aleris business continues to positively impact the overall top line and EBITDA.
Through Q4, our India business continued to rise with demand higher than pre-Covid levels. Across the entire Hindalco family, we acknowledge the commitment and resilience of our employees, our own Covid warriors. Looking ahead, although FY22 has started with a second Covid wave in India, Hindalco is confident that our inherent strengths and tenacity will support us through it," he said.
The company said that its 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 that with the onset of the second wave of COVID-19 in India, Hindalco has strengthened efforts to protect employees across the ranks and to support the community.
Hindalco is supplying oxygen from its plant at Dahej to hospitals in Gujarat daily, with 1,600 tonnes delivered already.
Hindalco has helped revive the defunct Karahiya oxygen plant in Uttar Pradesh resulting in 300 oxygen cylinders being supplied daily to hospitals in eastern parts of the state.