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Hindalco reports consolidated fourth quarter and FY2023 results

2023-05-29

May 23, 2023 - Hindalco Industries Limited, the Aditya Birla Group metals flagship, reported a consolidated quarterly Net Profit of Rs.2,411 crore, a sequential growth of 77 per cent, driven by a continued focus on cost control and a resilient operational performance by India business. Novelis delivered an improved quarter-on-quarter performance with Net Income of $175 million, up 82 per cent sequentially.


Consolidated revenue for the full year touched an all-time high of Rs.2,23,202 crore, up 14 per cent YoY.


Copper Business delivered an exemplary performance in FY23, with EBITDA at a record Rs.2,253 crore, up 62 per cent YoY, backed by record copper rod production and domestic sales.


Aluminium Downstream EBITDA for the year was at an all-time high of Rs.627 crore, up 64 per cent YoY, due to better pricing and volumes. Aluminium Upstream reported higher revenues for FY23 at Rs.33,010 crore, up 7 per cent due to higher metal volumes. However, EBITDA for the full year was impacted by inflationary pressures. Despite macro-economic headwinds, Hindalco maintained a strong balance sheet and liquidity position which helped the company keep the Net Debt to EBITDA ratio below 2x.


Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries, said:

"Our diversified business model continues to drive Hindalco's resilient performance in challenging times. Our Copper Business delivered exceptional results recording its highest-ever EBITDA, driven by robust market demand, stable operations and higher value-added product sales. Our India Aluminium Downstream Business, which experienced its highest-ever EBITDA growth in FY23, reflects our strategic focus on enhancing this segment. Despite macroeconomic headwinds, Novelis has shown quarter-on-quarter recovery supported by improved product pricing and favourable product mix.


Looking ahead, a Net-Debt-Free India business and a strong balance sheet will continue to power our ambitions for organic growth. We also continue to drive our holistic ESG approach with specific targets that go beyond carbon emissions, and encompass other planet-critical aspects like waste, biodiversity, water positivity, and community inclusion."


Consolidated Results
Consolidated revenue for the fourth quarter stood at Rs.55,857 crore (vs Rs.55,764 crore), similar YoY and up 5 per cent QoQ, on account of better realisations and volumes in India operations.


Hindalco reported an EBITDA of Rs.5,818 crore (vs Rs.7,597 crore) in Q4 FY23, down 23 per cent YoY, impacted by higher input costs and unfavourable macros, partially offset by better operational performance of Copper Business. On a sequential basis, EBITDA was up 48 per cent driven by better performance of India Aluminium and Copper Business and Novelis.


Consolidated PAT in Q4 FY23 was Rs.2,411 crore compared to Rs.3,851 crore in Q4 FY22, lower by 37 per cent YoY, and up 77 per cent QoQ. Consolidated Net Debt to EBITDA stood at 1.39x as of 31 March 2023 vs 1.36x as of 31 March 2022.

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