Hindalco Industries Ltd. reported first-quarter net profit grew 27% from the year-earlier period to ₹3,074 crore on higher revenue growth, as per regulatory filings. Revenue from operations grew 8% to ₹57,013 crore. Novelis, the group’s aluminium company headquartered in the U.S., contributed to 2/3rd of the revenue in the reporting quarter. Novelis incurred a one time loss of ₹330 crore on account of damages to its factory at Switzerland following flooding ,as per the company’s financial statements. Hindalco however assured that property damages and business interruption losses were insured. “Our strong Q1 results ride on the back of consistent operational excellence and cost optimization which allowed us to leverage the higher average metal prices” said Satish Pai, Managing Director of Hindalco Industries in a statement.
The company’s board of directors voted to induct Kumaramangalam Birla’s daughter Ananya Birla and son Aryaman Vikram Birla as board of directors at Hindalco Industries, in the annual general meeting, according to another statement of the company. They joined as directors of other Aditya Birla group companies including Grasim industries and Aditya Birla Fashion among others, in 2023. “Given their strong business acumen and sharp focus on sustainability, I am confident that they will provide valuable perspectives that align with Hindalco’s strategic vision for a sustainable future.” said Kumaramangalam Birla, Chairman of Aditya Birla Group in the statement.
Published - August 13, 2024 09:12 pm IST
