During the June quarter, Hindalco’s Aluminium business Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) stood at ₹7,688 crore, well above the CNBC-TV18 poll estimate of ₹6,150 crore. The previous year’s figure stood at ₹4,080 crore.
EBITDA per tonne for the Aluminium business stood at ₹2,331, higher than the ₹1,467 figure last year and also well above the ₹1,756 figure reported last year.
Hindalco’s Downstream Aluminium business EBITDA stood at ₹298 crore during the quarter, compared to ₹229 crore last year. EBITDA per tonne for this business stood at $303 from $264 in the previous quarter and also higher than the $226 figure reported last year.
The company’s Aluminium business during the quarter was driven by favourable macros and stronger operational performance during the quarter, while growth for the downstream business was aided by a favourable product mix and higher shipments.
For the June quarter, Hindalco’s Copper business EBITDA stood at ₹918 crore, well above the CNBC-TV18 poll estimate of ₹800 crore. During the base quarter, that figure stood at ₹673 crore.
EBITDA per tonne for the copper business stood at $926 from $635 last year and $775 in the previous quarter.
Performance of the Copper business was backed by strong operational performance and strong realisations from by-products like Sulphuric Acid.Net debt at the end of the June quarter stood at ₹77,495 crore, higher than the ₹64,841 crore in March and ₹59,461 crore last December.
Hindalco’s unit Novelis had already reported numbers earlier this week, with its adjusted operational performance turning out to be better than expectations.
However, there were multiple one-offs during the quarter. Novelis’ volumes stood at 916 KT from 963 KT last year. Adjusted EBITDA rose to $516 million from $416 million last year,
Novelis’ Oswego hot mill resumed production in early June and production is ramping up, according to the company. It also recognized $300 million of insurance recoveries through the end of the first quarter.
Shares of Hindalco ended 2.6% higher on Friday after the results announcement at ₹1,053.5. The stock is up 18% so far this year.
