Mumbai’s Hindalco Industries Ltd. released results for the fiscal year ending on March 31, boasting record highs in several financial and production categories.
The Aditya Birla Group subsidiary turned in a record consolidated EBITDA for the fiscal year of INR13,558 crore, an increase of over one-third year-on-year. EBITDA for the firm’s aluminium operations rose by a significant margin as well, from INR2,654 crore in FY2016 to INR4,033 crore in the just-ended fiscal year. EBITDA from its subsidiary Novelis followed suit, rising from INR5,039 crore in FY2016 to INR7,194 crore in FY2017.
Revenue from operations rose in the fiscal year from INR101,202 crore in FY2016 to INR102,631 crore in the just-ended fiscal year. Profit before depreciation and tax rose as well, to INR7,810 crore in FY 2017 from the prior year’s total of INR4,870. Hindalco’s bottom line profit after taxes significantly outperformed the prior year in FY2017 as a result, turning around from a net loss of INR251 crore into the black in the amount of INR1,900 crore.
Among the significant events for the year that Hindalco called to the public’s attention include its raising of US$500 million via a Qualified Institutional Placement it carried out in the last month of the fiscal year, which is the largest non-bank QIP in the past two years, with a demand of around thrice the actual subscription value. In addition, Utkal Alumina maintained its place among the world’s lowest cost producers as it achieved its design capacity of 1.5 million metric tons per annum, a seven-percent increase year-on-year.
Hindalco reported record production numbers in both alumina and aluminium in the fiscal year. Aluminium production totaled 1,266 thousand metric tons in FY2017, up twelve percent year-on-year, while alumina production came to 2,886 thousand metric tons, good for an eight percent rise over FY2016.
Though revenues were slightly off year-on-year due to a drop in shipments, Novelis set a record adjusted EBITDA of US$1.09 billion, a thirteen-percent increase over the prior year. It also saw free cash flow more than double in the fiscal year, reaching a record of US$361 million.