Hindalco arm Novelis Apr-Jun revenue up 2%, volume up 8%, on year
This story was originally published at 18:35 IST on 7 August 2024
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--Hindalco arm Novelis Apr-Jun net income $151 mln vs $156 mln yr ago
--Hindalco arm Novelis Apr-Jun net sales $4.19 bln vs $4.09 bln yr ago
--Hindalco arm Novelis Apr-Jun adjusted EBITDA $500 mln, up 19% on yr
--Hindalco arm Novelis Apr-Jun adjusted EBITDA/tn $525, up 10% on yr
MUMBAI – Hindalco Industries Ltd's overseas subsidiary Novelis Inc today reported a decline of 3% on year and 9% on quarter in net income to $151 mln in the quarter ended June. However, the net income after excluding special items, was $204 mln, higher by 32% on year and 14% on quarter, the company said in an earnings release today.
Novelis, which manufactures and sells rolled aluminium products to the beverage packaging, automotive, aerospace, and other industries, contributed around 54% to Hindalco's consolidated net profit and around 62% to its revenue in the March quarter.
On the topline front, Novelis reported a 2% on-year increase in net sales to $4.19 bln on the back of an 8% volume growth. Lower realisation, however, partly offset the volume growth. The net sales were up 2% on a sequential basis.
The company's shipment volume increased 8% on year to 951,000 tn in the June quarter. Sequentially, however, the volume was flat.
Novelis said its adjusted earnings before interest, taxes, depreciation, and amortisation was $500 mln in Apr-Jun, up 19% on year. It was, however, lower by 2.7% compared to the previous quarter. The adjusted EBITDA per tn was $525, up 10% on year, and down 2.8% sequentially.
In the March quarter, Novelis' net income, adjusted for special items, had increased by 2% on year to $179 mln, while net sales fell 7% to $4.08 bln.
Today, shares of Hindalco Industries closed 2.2% higher at 623.70 rupees on the National Stock Exchange. End
Reported by Rajesh Gajra
Edited by Deepshikha Bhardwaj
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