Hindalco Q2 net profit up 78%

14 Nov 2024 CW Team

In a media briefing on Monday, Hindalco executives shared details of their revised capex strategy, which is nearly $2 billion higher than previously planned. For the quarter ended September 2024, the company’s revenue surged 7.4% to Rs 58,203 crore. Hindalco’s earnings were bolstered by a more than twofold increase in other income, which rose to Rs 1,075 crore due to the land sale.

The company’s consolidated EBITDA for the quarter increased by 49% to Rs 9,100 crore, with India’s business contributing Rs 5,139 crore, up from double the previous year. Hindalco surpassed market expectations, with analysts having forecasted a revenue of Rs 54,984 crore and a net income of Rs 3,254 crore.

The investment plans will fund expansions including a 180 Kt increase in aluminium capacity, an 850 Kt alumina refinery, a 280-300 Kt copper smelting unit, and a copper scrap recycling facility. These projects will be financed through a combination of internal funds and debt, with the total capex potentially reaching Rs 7,000 to Rs 8,000 crore. This is in addition to Hindalco’s earlier planned Rs 6,000 crore for downstream capacities and the ongoing $4.1 billion Bay Minette project in the US.

Regarding its plans for a Novelis IPO in the US, Satish Pai, Hindalco’s MD, indicated that the listing may be revisited once the Bay Minette project is further advanced, around Q2FY26, and market conditions are favorable. Pai also warned that Novelis could face a challenging few quarters ahead, due to price pressures from Chinese demand on scrap metal. On the new US administration, Pai expressed confidence that it would benefit Novelis, which manufactures metal in the US for the domestic market.

The company also announced the cancellation of its $375 million investment in Zhenjiang City, China, citing increased costs, longer timelines, and project uncertainties in the current external environment.

Hindalco Industries, a major producer of copper and aluminium, reported a 78% rise in consolidated net profit for Q2FY25, reaching Rs 3,909 crore, driven by improved operational performance and a one-time gain from the sale of land. The company also revealed plans to invest $4-5 billion in its upstream operations over the next two to three years, which includes boosting copper and aluminium production capacities. In a media briefing on Monday, Hindalco executives shared details of their revised capex strategy, which is nearly $2 billion higher than previously planned. For the quarter ended September 2024, the company’s revenue surged 7.4% to Rs 58,203 crore. Hindalco’s earnings were bolstered by a more than twofold increase in other income, which rose to Rs 1,075 crore due to the land sale. The company’s consolidated EBITDA for the quarter increased by 49% to Rs 9,100 crore, with India’s business contributing Rs 5,139 crore, up from double the previous year. Hindalco surpassed market expectations, with analysts having forecasted a revenue of Rs 54,984 crore and a net income of Rs 3,254 crore. The investment plans will fund expansions including a 180 Kt increase in aluminium capacity, an 850 Kt alumina refinery, a 280-300 Kt copper smelting unit, and a copper scrap recycling facility. These projects will be financed through a combination of internal funds and debt, with the total capex potentially reaching Rs 7,000 to Rs 8,000 crore. This is in addition to Hindalco’s earlier planned Rs 6,000 crore for downstream capacities and the ongoing $4.1 billion Bay Minette project in the US. Regarding its plans for a Novelis IPO in the US, Satish Pai, Hindalco’s MD, indicated that the listing may be revisited once the Bay Minette project is further advanced, around Q2FY26, and market conditions are favorable. Pai also warned that Novelis could face a challenging few quarters ahead, due to price pressures from Chinese demand on scrap metal. On the new US administration, Pai expressed confidence that it would benefit Novelis, which manufactures metal in the US for the domestic market. The company also announced the cancellation of its $375 million investment in Zhenjiang City, China, citing increased costs, longer timelines, and project uncertainties in the current external environment.

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