Hindalco Industries, a prominent player in the aluminum sector, announced a substantial 58.6% decrease in its standalone net profit for the quarter concluding in June 2023, recording ₹600 crore in contrast to ₹1,448 crore in the corresponding period of the previous year.
Its standalone revenue from operations during Q1FY24, amounting to ₹19,904 crore compared to ₹19,518 crore in the previous year.
From a consolidated perspective, Hindalco Industries encountered a 40.4% decline in net profit year-on-year, totaling ₹2,454 crore, while its revenue from operations witnessed a nearly 9% reduction YoY, reaching ₹52,991 crore.
EBITDA drops to ₹1,561 crore compared to ₹2,927 crore in the previous year. Notably, the EBITDA margin experienced a significant contraction from 15% to 7.8% YoY.
At the close of trading on Tuesday, Hindalco’s shares concluded at Rs 454.75, marking a decline of 2.17%.