Nation's leading aluminium maker Hindalco Industries reported a three-fold surge in net profit to Rs 440 crore for the quarter ended September 30. The stocks of company surged by nearly 4 per cent in trade on Tuesday after news of the healthy financial results for the second quarter.
Hindalco Industries had reported a net profit of Rs 123 crore for the same quarter last year. The company released September quarter earnings on Saturday. The domestic market was shut on Monday on account of Gurunanak Jayanti.
“Macroeconomic headwinds still persist and uncertain global macro factors pose several challenges for the market. The price recovery has started due to imminent Chinese capacity additions and smelter restarts,” the company told BSE.
The company reported flat growth in revenue from operations on a year-on-year (YoY) basis to Rs 9,562 crore from Rs 9,561 crore reported for the year-ago quarter. The company said the impact of 10 per cent jump in revenue from the aluminium business was offset by a 9 per cent drop in copper business revenues.