Mumbai (Maharashtra) [India], May 21 (ANI): Hindalco Industries, led by Aditya Birla, on Friday recorded a growth in consolidated profit for the first quarter of the year FX21 to 1,928 million euros due to the strong performance of the aluminum business of Novelis and India.
It was supported by operational efficiencies, higher volumes and a better product combination. The profit for the fourth quarter of2020 amounted to 668 million euros.
Consolidated income in the fourth quarter of the year 21 reached 40,507 million euros, 38% more than the 29,318 million euros of the period of the previous year.
The board of directors has recommended a dividend of 300 per cent (3 rupees per share) for fiscal year 21, compared to 100 per cent (1 rupee per share) for fiscal year20.
“Our record fourth quarter results have further strengthened our balance sheet, absorbing the acquisition of Aleris and restoring the consolidated net debt ratio to the EBITDA ratio to pre-acquisition levels. Aleris’ business continues to have a positive impact on the global top line and EBITDA, ”said managing director Satish Pai.
“Through the fourth quarter, our business in India continued to grow with demand exceeding pre-Covid levels,” it said in a statement.
The country’s largest aluminum and copper manufacturer said the results were driven by strong performance from Novelis and India’s aluminum company, backed by higher volumes and a better combination of smaller products. input costs, stability in operations and cost savings actions.
The copper business recorded a 33% increase in EBITDA sequentially in Q4 FY21 compared to Q3 FY21 due to stable operations.
Novelis reported high all-time EBITDA as a result of continued demand for innovative and sustainable aluminum solutions and exceptional operating performance throughout its expanded business, he said.
“Looking to the future, even though FY22 has started with a second Covid wave in India, Hindalco is confident that our inherent strengths and tenacity will support us.” Hindalco is the largest aluminum rolling and recycling company in the world and one of the leading players in copper. Its global footprint covers 47 manufacturing units in 10 countries.