Revenue from operations also fell 8.66% to ₹52,991 crore.
Aditya Birla Group’s Hindalco Industries Ltd. reported first-quarter consolidated net profit slid 40% from the year-earlier period to ₹2,454 crore on account of ‘unfavourable macros and subdued volumes,’ the company said in a filing.
EBITDA at Novelis decreased to ₹3,456 crore from ₹4,334 crore a year earlier. Similarly, Aluminium Upstream EBITDA dropped to ₹1,935 crore from ₹3,272 crore. Aluminium Downstream EBITDA was lower at ₹147 crore (₹158 crore).
EBITDA of the copper business reduced to ₹531 crore from ₹565 crore.
Revenue from operations also fell 8.66% to ₹52,991 crore.
“FY24 has started on a promising note,” said Satish Pai, MD, Hindalco Industries. “Our focus on expanding our value-added portfolio and operational efficiencies has enabled us to deliver a sustained performance in the face of continued macroeconomic pressures.
“An enhanced product mix saw the Aluminium India Downstream Business generating higher value, with Q1 EBITDA increasing by 31% QoQ. Despite significant market headwinds, Novelis continued to show sequential improvement in adjusted EBITDA and EBITDA per ton, backed by record sales of automotive aluminium sheets,” he said in a statement.
“The Copper Business achieved record metal sales and maintained its market share despite undergoing a planned shutdown. We will continue to strongly position our Company for the future, by maintaining our focus on ESG, controlling costs, securitising resources, and driving downstream expansion,” he added.