In FY21, Hindalco reported an 8 percent decline in consolidated profit at Rs 3,483 crore, but revenue increased 12 percent to Rs 1,31,985 crore compared to the previous year.
Source: Reuters
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Hindalco Industries, the country’s largest aluminium and copper manufacturer, registered a massive 189 percent year-on-year growth in consolidated profit at Rs 1,928 crore in the quarter ended March 2021, driven by Novelis and India aluminium business.
The consolidated revenue was at Rs 40,507 crore in Q4FY21, up 38.2 percent compared to the corresponding quarter of last fiscal.
“Our record Q4 results have strengthened our balance sheet even further, absorbing the Aleris acquisition and restoring consolidated net debt to EBITDA ratio to pre-acquisition levels. The Aleris business continues to positively impact the overall topline and EBITDA,” said Satish Pai, Managing Director.
He further said, “Through Q4, our India business continued to rise with demand higher than pre-COVID levels.”
Consolidated business EBITDA (earnings before interest, tax, depreciation and amortisation) surged 33 percent YoY to Rs 5,597 crore.
“Novelis recorded its best-ever quarterly adjusted EBITDA of $ 505 million, up 32 percent YoY, on the back of higher organic volume, favourable metal benefits, and a $ 60 million EBITDA contribution from the acquired Aleris business. Adjusted EBITDA per ton was at $ 514 in Q4FY21, up 9 percent YoY,” Hindalco said in its BSE filing.
Novelis’ net income (excluding tax-effected special items) was at $ 172 million, up 12 percent YoY, partially offset by higher depreciation and amortization associated with the acquisition of Aleris.
Revenue at $ 3.6 billion grew 33 percent YoY, due to higher shipments, global aluminium prices and market premiums, said the company, adding total shipments of flat rolled products (FRPs) were at an all-time high of 983 Kt, growing 21 percent YoY, with the addition of the acquired Aleris business and strong demand across end-product markets.
Hindalco said aluminium India business’ EBITDA was at an all-time high of Rs 1,610 crore in Q4FY21, rising 54 percent YoY, primarily due to favourable macros, better operational efficiencies and lower input costs, and EBITDA margin of 27 percent was the highest in the last 12 quarters and continued to be amongst the best in the industry.
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Revenue was Rs 5,969 crore in Q4FY21 against Rs 5,299 crore in the prior year period, and aluminium India business recorded metal production of 316 Kt (versus 327 Kt last year) with aluminium metal sales rising by 5 percent YoY at 329 Kt, the company added.
In case of copper business, which contributed 21 percent to total business, the revenue at Rs 8,508 crore in Q4FY21 grew by 80 percent YoY, primarily due to higher global prices of copper, but EBITDA at Rs 269 crore fell 33.7 percent YoY.
In FY21, Hindalco reported an 8 percent decline in consolidated profit at Rs 3,483 crore, but revenue increased 12 percent to Rs 1,31,985 crore compared to the previous year.
“Looking ahead, although FY22 has started with a second COVID wave in India, Hindalco is confident that our inherent strengths and tenacity will support us through it,” said the company.
Hindalco further said the gross debt declined by Rs 18,187 crore and net debt by Rs 14,883 crore as of March 2021 from its peak on June 30, 2020.
The stock closed at Rs 389.1, up 1.01 percent on the BSE.
