“By the second half of this year you have to see a very positive turn to Novelis,” he said on Tuesday.
Hindalco Industries, who reported his consolidated income on Tuesday, saw a jump of 30% in his consolidated net profit for the quarter of June at RS 4,004 Crore, with consolidated sales from operations 13% higher on RS 64.232 CRORE.
Novelis, the full American subsidiary of the company, reported a 36% decrease in its net income for the quarter of June at $ 96 million, while the adapted EBITDA on every ton of aluminum was $ 432, by 18% decrease of the year. Structurally higher scrap prices had a negative influence on the performance in the quarter, Novelis said on Monday.
“Scraps spreads have started to improve, especially in the US. So we hope that it will get better in the coming quarters,” Pai said Tuesday. “The range of scrap in the US has also gone up, so scrap spreads are no longer a headwind, but a headwind has started,” he said on a phone call after the company’s income.
The quarters of the last tax in September and December were the peak in terms of scrap prices, he said, with prizes that are now becoming favorable. While the quarter of June is the “bottom” in many ways, the quarter of September will be comparable. “This year you will see a much stronger and healthier novel against Q3, Q4,” he said. The income in the second half of the year will improve the impact of the mitigation of the spreads, cost reduction programs and the scrap spreads, said Pai, Pai said. For its electricity aluminum activities in India, the income of Hindalco before interest, tax, depreciation and amortization (EBITDA), 17% rose in the year to year to RS 4.080 Crore. The electric EBITDA per tonne amounted to $ 1,467, an increase of 15% compared to the previous year. In the electric aluminum activities, the EBITDA per tonne rose by 92% on an annual basis to $ 264, while EBITDA had a record high of RS 229 Crore, an increase of 108% on an annual basis. In the copper activities, EBITDA was on RS 673 Crore, with the Sharly Diglining TC/RCs that were due to higher realization of Sulfuric Acid, the company said in a statement. At a consolidated level, the EBITDA of the company rose by 9% on an annual basis to RS 8,673 Crore.
Hindalco reported his income during market hours and its shares on RS 666.95 each on the BSE, a decrease of 0.7% compared to the previous closure.
#Hindalco #profit #increases #Novelis #Outlook #brightens