Hindalco PAT hikes 95.7% to Rs 3,675 cr in Dec quarter FY21

Aditya Birla Group's metals flagship, Hindalco Industries Ltd, announced a 95.7% boost in consolidated profit after tax (PAT) to Rs 3,675 crore for the quarter of December 31, 2021. The boost in PAT was caused by focusing on downstream value-added products, including better-operating efficiencies. The firm reported a consolidated PAT of Rs 1,877 crore, and in October-December 2021 increased to Rs 50,272 crore, compared with Rs 34,958 crore in the year-ago period. The firm revealed that PAT in Q3 FY22 increased to a record Rs 3,675 crore compared to Rs 1,877 crore in Q3 FY21, a 96% jump year-over-year (YoY). Its consolidated revenue for the third quarter stood at Rs 50,272 crore, a jump of 44% from Rs 34,958 crore. In Q3 FY22, the company reported its highest net profit surpassing all previous quarterly performances. The results were driven by a consistent performance by Novelis, a leading producer of flat-rolled aluminium products and by Indian businesses, backed by strategic product mix and enhanced performance by the downstream business, and profitable macros. Satish Pai, Hindalco Industries Managing Director, told the media that the firm has already proposed more than Rs 3000 crore worth of investments in their downstream pipeline Hirakud and Silvassa, and the Ryker and Hydro's Kuppam units acquisitions. Novelis has also announced capital projects that align sustainability considerations and market development. Pai gave an example of a $365 million closed-loop recycling and casting centre for the North American market. He said the company expects a surge in aluminium and copper demand. Image Source Also read: Hindalco signs deal with Norsk Hydro for Rs 247 cr aluminium business