Hindalco Industries rakes in net profit of Rs 3,174cr in Q4 FY2023-24
Hindalco Industries Limited, the metals flagship of the Aditya Birla Group, has announced a substantial increase in its consolidated quarterly net profit for Q4 FY2023-24, achieving a remarkable 32% year-over-year growth. The net profit for the quarter stood at ₹3,174 crore, driven by strong performance and improved margins across all business segments.
Hindalco Industries Key Financial Highlights
The company’s consolidated revenue reached ₹55,994 crore, maintaining a stable year-over-year performance and marking a 6% increase quarter-over-quarter. The robust financial results were underpinned by record-breaking performances in both the aluminium and copper segments.
– Aluminium Business: Hindalco’s Aluminium Upstream Business achieved industry-leading EBITDA margins of 32%, the highest globally, attributed to higher volumes and cost optimization strategies.
– Copper Business: Achieved an all-time high quarterly EBITDA of ₹776 crore, up 30% YoY, driven by record sales crossing 500,000 tonnes for the first time.
Novelis Performance
Novelis, a part of Hindalco, also reported strong results with an adjusted EBITDA per tonne of $540, reflecting a 25% increase year-over-year. This performance was propelled by lower operating costs, favorable metal benefits, and market recovery.
Strategic Developments and Market Expansion
Throughout the fiscal year, Hindalco has made significant strides in expanding its global presence and enhancing its product offerings. The company successfully divested a majority stake in Glenmark Life Sciences, and continued its focus on value-added products and margin improvements.
Corporate Governance and Sustainable Practices
Under the leadership of Satish Pai, Managing Director, Hindalco has emphasized its commitment to sustainable practices and strong corporate governance. The company has advanced its initiatives in renewable energy, waste recycling, biodiversity protection, and water conservation. Hindalco’s ESG efforts have positioned it within the top 1% in the S&P Global ESG score for the Aluminium Industry.
Dividend Announcement
Reflecting confidence in the company’s strong financial health and future prospects, the board has recommended a dividend of 350% (₹3.5/share) for FY2024, compared to 300% (₹3/share) for FY2023.
Hindalco’s impressive financial performance in FY2023-24 is a testament to its strategic focus on high-margin products, operational efficiency, and sustainable practices. With these solid foundations, Hindalco is well-positioned to maintain its leadership in the global metals market and continue delivering value to its stakeholders.