Metal manufacturer Hindalco Industries has reported a 31.6 per cent rise in its consolidated profit for the March 2024 quarter (Q4FY24) owing to lower costs and higher realisations.
Top executives of the firm said Hindalco would scout for critical mineral mines in India.
For the quarter under review, Hindalco reported a net profit of ₹3,174 crore. The rise, the company said, was driven by robust performance and improved margins across all business segments. Revenue in the same period was flat at ₹55,994 crore from ₹55,857 crore a year ago.
Hindalco beat street estimates. In a Bloomberg poll, 11 analysts estimated revenue of ₹53,959 crore and 12 analysts estimated an adjusted net income of ₹2,799 crore.
Sequentially, Hindalco's net profit grew 36.2 per cent and revenue went up 6 per cent.
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