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Hindalco's fiscal Q1'19 profit more than doubles YOY on record EBITDA

Profit after tax in the first quarter of fiscal 2019 for the stand-alone Hindalco Industries Ltd. plus Utkal Alumina International Ltd. more than doubled year over year to 7.34 billion Indian rupees, compared to 3.64 billion rupees the year before, driven by higher EBITDA and lower finance costs.

EBITDA for the quarter jumped to 19.51 billion rupees, the highest quarterly EBITDA ever for Hindalco plus Utkal Alumina and a 17% increase year over year from 16.61 billion rupees, while revenue from operations climbed to 106.70 billion rupees from 104.14 billion rupees, according to an Aug. 10 release.

Hindalco attributed the EBITDA increase primarily to supporting macros, operating excellence and higher byproducts realization in its copper business. EBITDA for the aluminum segment surged 35% year over year to 15.31 billion rupees due to better realizations and stable plant operations.

The company's interest expense dropped 23% year over year to 4.64 billion rupees mainly due to a repricing of long-term project loans and loan repayments made in the prior year.

Production of aluminum metal for the quarter remained consistent at 323,000 tonnes, while alumina production slipped to 695,000 tonnes, from 724,000 tonnes the year before, and aluminum value-added products totaled 113,000 tonnes compared to 116,000 tonnes.

Overall quarterly production from the copper segment fell to 81,000 tonnes from 109,000 tonnes year over year.

As of Aug. 9, US$1 was equivalent to 68.76 Indian rupees.