Hot Pursuit     24-May-24
Hindalco Inds Q4 PAT jumps 32% YoY to Rs 3,174 cr
The Aditya Birla Group company’s consolidated net profit surged 31.65% to Rs 3,174 crore in Q4 FY24 as against Rs 2,411 crore posted in Q4 FY23.

The growth in net profit was driven by a robust performance and improved margins across all business segments.

Revenue from operations rose marginally to Rs 55,994 crore in Q4 FY24 as against Rs 55,857 reported in the same period a year ago.

Profit before tax stood at Rs 4,136 crore in the March quarter, up 45.69% as compared with Rs 2,839 crore posted in Q4 FY23.

EBTIDA grew by 23.77% year on year to Rs 7,201 crore in the quarter ended 31 March 2024, driven by lower input costs and higher volumes.

Novelis’ revenue stood at $4.1 billion in Q4 FY24, down 7% YoY, impacted by lower average aluminium prices YoY. Novelis reported an adjusted EBITDA of $514 million in Q4 FY24, up 28% YoY, supported by favourable metal benefit from recycling and lower operating costs. Its adjusted EBITDA per ton, at $540, was up 25% YoY.

Novelis’ total shipments of flat rolled products were at 951 KT in Q4 FY24 vs 936 KT in Q4 FY23, up 2% YoY, supported by stronger demand for beverage packaging and record automotive shipments.

Aluminium upstream revenue was at Rs 8,469 crore in Q4 FY24, up 5.2% from Rs 8,050 crore in Q4 FY23. Downstream revenue was Rs 2,920 crore in Q4 FY24, up 6.65% YoY. Sales of Downstream Aluminium stood at 105 KT as compared to 90 KT in Q4 FY23, up 17% YoY.

Revenue from the copper business stood at Rs 13,424 crore, up 20% YoY, on account of higher volumes. Copper metal sales were 135 Kt in Q4 FY24, up 13.45% as compared to 119 Kt posted in Q4 FY23. Copper continuous cast rod (CCR) sales were at 98 Kt in the fourth quarter of FY24; up 3% YoY in line with growing market demand for value added products.

On full year basis, the company’s consolidated net profit increased marginally to Rs 10,155 crore in FY24 as compared with Rs 10,097 crore posted in FY23. Revenue from operations was at Rs 2,15,962 crore in fourth quarter of FY24, down 3.24% YoY.

Consolidated net debt to EBITDA stood at 1.21x as of 31 March 2024 as compared to 1.39x as of 31 March 2023.

Satish Pai, managing director, Hindalco Industries, said, “Hindalco concluded the year with very strong results across all business segments. This was a clear testament to our strategic focus on value-added products and margin improvement. The Copper business has grown to become the 2nd largest in the world for Copper rods (excluding China). It achieved its best ever performance with sales crossing 500,000 tonnes for the first time, and an alltime high EBITDA for the quarter and the year.

Similarly, the Aluminium India upstream business reported industry-best quarterly EBITDA margins of 32%, driven by higher volumes and cost optimisation. Our continued focus on enhancing share of the downstream segment is evident in its promising sales trajectory. Novelis demonstrated an improved EBITDA per tonne driven by lower operating costs, favourable metal benefits and market recovery.

We continue to maintain a strong balance sheet and solid liquidity even after repaying ₹5,195 crore of debt in Hindalco India business during the year. This positions us well to stay on our growth track and drive our future organic growth plans with prudent capital allocation.”

Meanwhile, the company’s board has recommended a dividend of Rs 3.50 per equity share for the financial year ended 31 March 2024, subject to the approval of shareholders.

Hindalco Industries, the metals flagship of the Aditya Birla Group, is the world's largest aluminium rolling and recycling company, a major copper player, and one of Asia's largest producers of primary aluminium. In India, Hindalco's aluminium manufacturing units cover the complete value chain, from bauxite mining, alumina refining, coal mining, captive power generation and aluminium smelting, to downstream value-addition of aluminium rolling, extruding, and foil making.

Share of Hindalco Industries shed 0.75% to Rs 671.50 on the BSE.

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