Team News Riveting
Hindalco Industries posted a consolidated loss of Rs 709 crore in the June quarter of the financial year 2020-21.
The company had recorded a profit of Rs 1,063 crore during the corresponding period of the previous financial year.
The company said in a statement said that on account of certain special items, including charitable contributions towards COVID relief, ex-gratia paid to employees for their contribution during COVID, and Aleris acquisition costs, the reported PAT was impacted.
The profit was Rs 668 crore in the March quarter of FY20. That apart, its revenue from operations skid from Rs 29,972 crore in Q1FY20 to Rs 25,283 crore in the June quarter of this fiscal. EBITDA came in at Rs 2,359 crore, down from Rs 3,769 crore reported in the corresponding quarter of the previous fiscal.
The pre-tax loss, after exceptional loss of Rs 419 crore, stood at Rs 600 crore. In the year-ago quarter, there was an exceptional loss of Rs 22 crore, leading to a pre-tax profit of Rs 1,556 crore.
“I am pleased at our ability to forge ahead despite the weak post-COVID market scenario. All our aluminium India smelters operated at more than 90 per cent capacity during the lockdown,” Hindalco Industries Managing Director Satish Pai told a news agency.
“We maintained our sales volumes, with exports accounting for nearly 80 per cent of sales. This performance led to our Indian aluminium business recording an industry-high EBITDA margin,” he added.
