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Hindalco fiscal Q3'18 profit jumps 17% YOY

On a stand-alone basis, Hindalco Industries Ltd. on Feb. 2 posted a net profit of 3.76 billion Indian rupees for the third quarter of its fiscal 2018, representing a 17% year-over-year increase resulting from an 18% decrease in interest costs due to the prepayment and repricing of project loans.

The net profit figure also accounts for a provision of 1.15 billion rupees stemming from the Indian Supreme Court's judgment on mining regulations.

Revenue in the period rose year over year to 110.23 billion rupees from 99.15 billion rupees driven by supportive macroeconomic factors, higher volumes and byproduct realizations.

EBITDA in the quarter rose 15% on a yearly basis to 16.11 billion rupees, reflecting a robust financial performance across its businesses, partly offset by higher input costs.

Quarterly alumina production dropped to 734,000 tonnes compared to 744,000 tonnes the year before, aluminum metal production increased to 323,000 tonnes from 320,000 tonnes, and copper cathode production increased 8% to 101,000 tonnes.

At the Utkal alumina refinery, Hindalco produced 376,000 tonnes of alumina, compared to 393,000 tonnes the year before.

Hindalco's U.S.-based Novelis Inc. unit reported a 92% year-over-year increase in net income for the quarter ended Dec. 31, 2017, increasing to US$121 million from US$63 million. Novelis' net sales jumped 33% year over year to US$3.09 billion, supported by a 6% increase in shipments to 796,000 tonnes.

The subsidiary recently outlined plans to build an automated aluminum sheet manufacturing facility in Kentucky budgeted at US$300 million.

As of Feb. 1, US$1 was equivalent to 64 Indian rupees.