Hindalco reports Q1 consolidated loss of Rs 709 cr

Mumbai, Aug 14 (IANS) Hindalco Industries on Friday reported a consolidated net loss of Rs 709 crore for the April-June quarter largely due to exceptional items.

During the corresponding period last year the company had reported a consolidated net profit of Rs 1,063 crore.

“PBT (profit before tax) for continuing operations before exceptional and special items was Rs 274 crore, PAT (profit after tax) for continuing operations before tax-effected exceptional and special items was Rs 139 crore,” the company said in a regulatory filing.

“Tax-effected special items includes purchase price accounting adjustments, restructuring and impairment costs, metal price lag,charitable donations and business acquisition and integration costs in Novelis,” it said.

Commenting on the results, Satish Pai, Managing Director, Hindalco Industries, said that the company was able to forge ahead despite the weak post-COVID market scenario.

“All our Aluminium India smelters operated at more than 90 per cent capacity during the lockdown. We maintained our sales volumes, with exports accounting for nearly 80 per cent of sales,” he said.

–IANS

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