Hindalco net dented by more than 50% in Q2

摘要

Hindalco Industries' net profit more than halved to Rs 344 crore in the second quarter ended September 30 against Rs 720 crore logged in the same period last year.rnNet sales fell 13 per cent to Rs 4,917 crore (Rs 5,683 crore) on the back of the sharp fall in aluminium and copper prices on the London Metal Exchange (LME). The decline in realisation would have been much sharper if not for the rupee depreciation against the dollar. Of the total revenues of Rs 4,917 crore, aluminium business contributed Rs 1,650 crore with an EBIT (earnings before interest and tax) of Rs 259 crore.rnThe 35 per cent fall in the LME over Q2 FY09 levels dented both the top line and the bottom-line. Lower sales realisations from aluminium business accounted for the near Rs 550-crore drop in the operating profit. These macro-economic factors led to a 64 per cent drop in the profit before interest and tax for aluminium business fro Rs 715 crore in the comparative quarter last year, the company said in a press release.