Hindalco Industries, the Aditya Birla Group company reported a 21.4 per cent decline in standalone profit at Rs 308.6 crores for the July-September quarter of FY 2019. The company had earlier recorded a profit of Rs 392.8 crores in the same period a year ago.
Hindalco Industries said in a filing to the BSE, that the total income stood at Rs 11,034.3 crores during the quarter under discussion and inclined from Rs 10,500.6 crores in the year-ago corresponding period.
Hindalco said in a statement, “The company delivered yet another strong quarterly results, despite the challenging business environment, rising input costs and surge in imports. The company continues its focus on strengthening its balance sheet, resource securitisation and its strategy to grow in the downstream businesses to deliver long-term shareholder value.”
The company also declared that the applications for acquisition of the US-based aluminium producer Aleris filed with the concerned authorities were at various stages of approval. “We expect the transaction to close in about 9-15 months from the date of the announcement of the transaction. Novelis has secured firm commitments from banks for financing the Aleris acquisition,” the company added.
Hindalco Industries Ltd has also announced the plans to invest around US$ 180 million in Brazil in order to add another 80-100 KT for expanding rolling capacity in the aluminium segment, according to the MD & CEO Satish Pai.