Hindalco releases its quarter 1 Financial Year 2008-09 results

Mumbai, July 28 (ANI/Business Wire India): Hindalco Industries Limited announced its unaudited financial results for the quarter ended June 30.

Net sales and operating revenues remained flat at Rs.4647.5 crores, however the profit before depreciation, interest and tax grew by 16 per cent to Rs. 1,163.7 crores as compared to Rs. 1,005.7crores in the corresponding period in Financial Year 2008.

The profit after tax at Rs. 696.8 crores was up 16 per cent from Rs. 598.6 crores in Q1FY08.

Of the total revenues of Rs. 4647.5 crores, aluminium business contributed Rs. 1943.0 crores.

The profit before interest and tax for aluminium business was higher by 18 per cent from Rs. 638.2 crores to Rs. 750.4 crores in the corresponding quarter of the preceding year, driven by higher volumes and higher LME prices.

In the copper business, revenues were lower at Rs.2706.6 crores against Rs. 2926.2 crores mainly on account of lower volumes due to a planned shutdown of smelter-1 at Dahej.

The steep depreciation of the Indian Rupee against the US Dollar affected the copper business by an estimated Rs. 151.9 crore for the quarter under review, as a result of restatement of net foreign currency exposures as on 30th June 2008.

For the corresponding quarter of the previous year, this had an estimated favourable impact of Rs. 14.3 crore.

Consequently, the PBIT of copper business is lower than the corresponding quarter of the previous year by Rs.166.2 crores.

The profit before interest and tax was lower at Rs. 74.3 crores from Rs. 112.3 crores in the corresponding quarter last year.

ANI