Hindalco Industries posts 71% surge in Q3 FY24 consolidated net profit at Rs 2,331 crore

Hindalco Industries Q3 FY24 results: Aditya Birla Group's flagship metals company, Hindalco Industries Limited, has announced its consolidated third-quarter financial results for the fiscal year 2024. The company's robust performance in both the aluminum and copper segments has driven significant growth, with consolidated PAT soaring by an impressive 71 per cent year-on-year (YoY).

Consolidated Net Profit

Hindalco reported a consolidated net profit of Rs 2,331 crore, marking a remarkable 71 per cent increase YoY.

Consolidated EBITDA

The company's consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) surged by 61 per cent YoY, reaching Rs 6,322 crore, underscoring its strong operational performance across segments. 

Novelis performance

Novelis, a subsidiary of Hindalco, witnessed a noteworthy improvement in adjusted EBITDA per ton, up by 33 per cent YoY. This growth was primarily driven by favorable metal benefits from recycling and lower operating costs.

Aluminium segment

Hindalco's Indian aluminium segment showcased robust performance, with Upstream Business EBITDA reaching Rs 2,443 crore, a significant 54 per cent increase YoY. This growth was attributed to lower input costs and continued operational excellence.

Record Copper EBITDA

The copper business achieved a record quarterly EBITDA of Rs 656 crore, marking a substantial 20 per cent rise YoY. This performance was driven by higher volumes and strong operational efficiency.

Debt Management

Hindalco demonstrated prudent financial management by pre-paying long-term debt amounting to Rs 4,370 crore during the year. As a result, the consolidated Net Debt to EBITDA ratio stood at a favorable 1.43x by the end of December 31, 2023, compared to 1.6x in the previous year.

Future Initiatives

The company has initiated work on India's first copper and e-waste recycling project in Gujarat, showcasing its commitment to sustainability and innovation. Additionally, Hindalco received the Energy Transition Changemaker Award at COP28 and was listed among the top 1 per cent in the aluminium industry in the S&P Global (DJSI) Sustainability Yearbook 2024.

Hindalco's stellar performance in Q3 FY2024 underscores its resilience and ability to capitalise on market opportunities amidst challenging economic conditions. With a strong balance sheet and a focus on sustainable growth, the company is well-positioned to navigate future uncertainties and drive value for its stakeholders.