Novelis Inc, subsidiary of Hindalco industries saw an increase in the net income and sinificant improvement in the adjusted EBITDA.
Novelis Inc, an overseas subsidiary of Hindalco Industries, on Wednesday announced 46% jump in net income at US $73 million during the fourth quarter ended March 2017.
Novelis grew its fourth quarter fiscal 2017 net income 46% to US $73 million, and increased full year net income by 78% to US $233 million.
The increase in both fourth quarter and full year net income reflects the significant improvement in adjusted EBITDA, as well as lower interest expense, a result of the company's long-term debt refinancing actions during fiscal 2017, a company statement said here.
Net sales increased 9% to US $2.6 billion for the fourth quarter of fiscal 2017, driven by higher average aluminium prices and increased shipments of higher conversion premium products, including a 26% increase in automotive shipments.
"The company's revenue decreased by 3% to US $9.6 billion in fiscal 2017. A 2% decline in shipments to 3,067 kilo tonnes was partially offset by an increased level of higher conversion premium products, including a record level of automotive shipments," it said.
For fiscal 2017, the percentage of the company's shipment portfolio stemming from automotive sheet grew to 18%, up from 15% in the prior year, it said.
During FY 17, the company achieved record automotive sheet shipment levels as a result of the seamless ramp-up of all new finishing lines to support the new Ford F-Series Super Duty line of trucks in North America, the success of Jaguar Land Rover's new aluminium-intensive vehicles in Europe, and the Cadillac CT6 and Jaguar XFL in China, said the release.
The company has signed an agreement with next-generation car company NIO to provide innovative aluminium solutions for its fleet of smart, high-performance, premium aluminium-intensive electric vehicles to be launched over the next five years.
"By consistently executing our strategy and staying focussed on business fundamentals, we have driven value for our stakeholders and are able to better serve our customers," Novelis president and chief executive officer Steve Fisher said.
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 "Aluminium Industry")
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