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| Edited By: |Source: PTI |Updated: Mar 18, 2018, 02:51 AM IST
Hindalco Industries Ltd, an Aditya Birla Group company, posted 27% jump in net profit before tax adjustment for earlier years at Rs697 crore in Q4 FY 11.
The net profit stood at Rs708 crore in Q4 FY 11 after tax adjustments of Rs11 crore for earlier years as compared to Rs664 crore in the same period last year.
The company's net sales at Rs6,846 crore in Q4 FY 11 were up 27% over Q4 FY 10. Better geographic and product mix along with higher LME and better copper volume have been the main performance drivers, a company statement said.
For the year ended March 31, 2011, net sales at Rs23,859 crore grew by 22%. Highest ever copper volumes, better product and geographic mix, by-product credit and higher realisation on account of higher commodity prices impacted the company's performance in a positive way.
Input cost pressure, lower TcRc and one-timers associated with Hirakud disruption constrained the superior operational performance.
The company's net profit increased to Rs2,137 crore in FY 11 as against Rs1,916 crore in FY 10. The adverse impact of rupee appreciation, higher coal and carbon cost and lower TcRc were largely compensated by improved operating efficiencies and higher value-added by product credit in copper business, the release said.
Other income was higher by Rs27 crore on the back of improved treasury yield and larger corpus, post return of capital from Novelis.
Employment cost rose by around Rs60 crore mainly due to one-time costs arising on actuarial provisioning of retiral funds and long term wage settlement at some plant locations.
Of the total quarterly revenues of Rs6,846 crore, aluminium business contributed Rs2,211-crore with an EBIT of Rs562 crore compared to Rs614 crore in Q4FY10.
The results would have been better, but for increased input costs (especially coal), appreciating rupee and other one-timers, it said.
In the copper business, revenues for the quarter were higher at Rs 4,637 crore, up by 38 per cent from Rs3,361 crore in Q4 FY 10, mainly on account of higher volume, higher copper LME and by-product credits. The benefits of the marked improvement in operational efficiencies were partially offset by lower TcRc and energy cost. Despite these factors, EBIT of Rs206 crore was 61% higher over corresponding quarter of the previous year.
Meanwhile, the company has appointed Ram Charan, globally renowned consultant to several prominent CEOs of some of the world's largest companies as an Additional Director (Independent) on the board of the company. The company has also appointed Jagdish Khattar as an Independent Director on the Board of the company.
