Hindalco Industries Ltd., the Aditya Birla Group metals flagship, delivered stellar results in Q1 FY22 recording its highest-ever quarterly net profits.
The company’s consolidated PAT was at Rs. 2,787 crore, which is a noteworthy increase of nearly 500% YoY. The results were driven by a strong performance by Novelis and India Business, supported by favorable macros, strategic product mix, and stability in operations. Novelis reported an all-time high quarterly EBITDA, as a result of upswing in demand for innovative and sustainable aluminium products and an outstanding operational performance.
Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries Ltd., said: “This quarter we delivered record-breaking financial results despite the impact of the Covid second wave. Our robust financial performance, accelerated pace of deleveraging and the increasing strength of our balance sheet has been recognised by the market and is reflected in credit rating upgrades for both Novelis and Hindalco.
The improvement is visible across all our business segments where we are seeing strong demand, plants running at capacity, and better margins. We continue to keep employees protected and de-risk plant facilities by taking all Covid-appropriate measures. We have started FY22 at a strong pace and we are confident that our resilience against market swings will support us in continuing to deliver our best. More importantly, we believe our focus on setting and achieving carbon neutrality and other ESG goals will keep Hindalco in the leadership position as the world’s most sustainable aluminium value-added player.”