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Hindalco Q1'18 profit down YOY despite higher revenue, production

Hindalco Industries Ltd. posted an after-tax net profit of 2.90 billion Indian rupees in the first quarter of its fiscal 2018, down from net profit of 2.94 billion rupees booked a year earlier despite higher revenue and production.

The net profit factors in an exceptional provision of 1.04 billion rupees on the basis of a recent judgment from India's Supreme Court in a mining regulation-related matter.

Revenue in the period rose 28% year over year to 104.07 billion rupees, driven by higher volumes and realization, according to an Aug. 11 release.

EBITDA, meanwhile, improved 4% to 14.04 billion rupees, due also to stronger volumes, partially offset by higher costs.

Aluminum and alumina production were up 4% and 2% year over year respectively, at 321,000 tonnes and 724,000 tonnes.

Revenue from the company's aluminum segment increased by 9% on a yearly basis to 50.08 billion rupees.

As of Aug. 11, US$1 was equivalent to 64.14 Indian rupees.