Aditya Aluminium smelter is nearing completion
Hindalco Industries, the flagship company of Aditya Birla Group, has reported a marginal decline in net profit at Rs.357 crore for the second quarter ended September 30, 2013, against Rs.359 crore in the same period in the previous year.
Revenue from operations grew to Rs.6,305 crore from Rs.6,164 crore.
The results for the second quarter include a non-recurring income of Rs.61 crore and a dividend of Rs.100 crore from subsidiary companies. Other income, at Rs.119 crore, was impacted by lower treasury yield due to liquidity tightening, the company said.
It said finance costs were higher due to higher average borrowing.
Aluminium sales grew by 11 per cent to Rs.2,343 crore from Rs.2,105 crore on the back of higher volumes. The capital employed in the aluminium business was nearly Rs.34,300 crore as on September 30, 2013, of which around Rs.25,120 crore pertained to the greenfield investments at Mahan, Hirakud FRP and Aditya Aluminium Projects.
The company’s copper sales stood at Rs.3,974 crore. The capital employed in copper business was around Rs.5,375 crore. The Aditya Aluminium smelter is in an advanced stage of completion, and is gearing for the first metal tapping.
The company’s shares closed with a loss of 0.22 per cent at Rs.111.20 on the BSE on Tuesday.