Hindalco posts 7% sales increase

By SiliconIndia   |   Wednesday, 23 October 2002, 07:00 Hrs
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MUMBAI: Hindalco, has recorded a sales turnover of 586 Crores, up 7 percent from Rs 549 crores in the year ago period. Sales during the first quarter this year comprised of 66,307 Metric Tonnes (MT) as compared to 60,336 MT during the first quarter of the preceding year.

Exports stood at Rs 93 crores surged 36.5 percent this quarter, as against Rs 68 crores in the corresponding period last year. In volume terms, exports magnified by 45 percent from 8,166 mt in the first quarter of the last year to 11,876 MT in the first quarter this year, the company announced in a press release.

Addressing shareholders at the Company’s 43rd Annual General Meeting, Kumar Mangalam Birla, the Company’s Chairman said that the average realisations on a per MT basis have declined by just 2.9 percent, despite a considerable fall in international prices, buffeted by a better product mix. Birla said that Hindalco’s performance must be viewed in the context of the economic environment. All of the Company’s plants operated far above the installed capacities.

Profits for the first quarter of the current fiscal year were lower as compared to the corresponding quarter last year. Gross Profit stood at 251 crores as compared to 274 crores in the preceding year. Lower realizations coupled with higher costs of key inputs like Calcined Petroleum Coke and low quality of coal at higher prices for power drove down the profit, explained Mr Birla. After providing for depreciation and current tax, profits stand at 164 crores as compared to 172 crores in the first quarter of 2001-02, the company announced.

The Company has provided an amount of 24 crores towards Deferred Tax Liability for the current first quarter. Net Profit attained is 140 crores as against 161 crores in the first quarter of the previous year.

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