Hindalco's 30% net jump in June quarter puts Novelis revival in strong focus
Novelis
on several fronts, said Satish Pai, managing director of
Hindalco Industries
. "By the second half of this year, you should start to see a very positive turn for Novelis," he said on Tuesday.
Hindalco Industries, which reported consolidated earnings on Tuesday, posted a 30% rise in consolidated net profit for the June quarter at ₹4,004 crore, with consolidated revenue from operations up 13% at ₹64,232 crore.
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Novelis, the wholly-owned US-based subsidiary, saw a 36% drop in net income for the June quarter at $96 million, while adjusted EBITDA per tonne of aluminium was $432, down 18% year-on-year. Structurally higher scrap prices dented performance during the quarter, Novelis said on Monday.
"Scrap spreads have started to improve, particularly in the US. So, we are now hoping that will get better in the coming quarters," Pai said on Tuesday. "The supply of scrap in the US has also gone up, so scrap spreads are no longer a headwind, but have started to become a tailwind," he told reporters after the earnings call.
The September and December quarters of last fiscal marked the peak in scrap prices, Pai said, with prices now turning favourable.
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While the June quarter marks the "bottom" in many ways, the September quarter will be similar. "By Q3 and Q4 of this year, you are going to see a much stronger and healthier Novelis," Pai said. Earnings in the second half will reflect the impact of scrap spread mitigation, cost reduction measures and improving spreads, he added.
For the upstream aluminium business in India, Hindalco's EBITDA rose 17% year-on-year to ₹4,080 crore. Upstream EBITDA per tonne stood at $1,467, up 15% from a year earlier. In the downstream aluminium business, EBITDA per tonne jumped 92% year-on-year to $264, while EBITDA hit a record ₹229 crore, up 108% year-on-year.
In the copper business, EBITDA was ₹673 crore, with sharply lower TC/RCs offset by higher sulphuric acid realisations, the company said. At the consolidated level, EBITDA rose 9% year-on-year to ₹8,673 crore.
Hindalco announced earnings during market hours, with its shares closing at ₹666.95 on the BSE, down 0.7% from the previous close.
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