HomeEarnings NewsHindalco posts 43% jump in Q1 profit, misses analysts' estimates

Hindalco posts 43% jump in Q1 profit, misses analysts' estimates

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By CNBC-TV18 August 10, 2018, 3:09:55 PM IST (Updated)

Hindalco posts 43% jump in Q1 profit, misses analysts' estimates
Aluminium and copper manufacturer Hindalco Industries on Friday posted a 43 percent surge in first-quarter net profit, but missed estimates.


Net profit for the quarter stood at Rs 413.5 crore in the three months ended June 30 compared to Rs 290 crore in the same period last year. A CNBC-TV18 poll estimated net profit of Rs 418 crore.

Revenue rose 8.4 percent to Rs 10,593 crore in the June quarter.

Hindalco reported a standalone EBITDA or earnings before interest, tax, depreciation and amortization of Rs 1,951 crore in the quarter, which rose 17 percent and was the highest ever in the company's history.

A bulk of Hindalco's profit comes from its unit Novelis, according to analysts. Novelis was acquired by the company in August 2007 for $ 6 billion. Hindalco recently announced a deal to acquire Aleris and the company is expecting an EBITDA of $360 million.

Shares in Hindalco Industries fell 2.5 percent to Rs 221.80 on the Bombay Stock Exchange.
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