Hindalco's Stellar Q2: A 78% Profit Surge

Hindalco Industries, part of the Aditya Birla Group, announced a significant 78% increase in its net profit for Q2 2024, reaching Rs 3,909 crore. This success is attributed to robust operational performance and strategic cost management. The company plans substantial investments in upstream projects, indicating ongoing growth potential.

Hindalco Industries, a subsidiary of the Aditya Birla Group, reported a remarkable 78% rise in consolidated net profit for the second quarter of 2024. The profit surged to Rs 3,909 crore, driven by strong operational performance, favorable macroeconomic conditions, and strategic cost management.

In comparison, the company recorded a net profit of Rs 2,196 crore in the same period last year. Total income for the quarter also increased to Rs 59,278 crore from Rs 54,632 crore a year earlier.

Satish Pai, Managing Director of Hindalco Industries, emphasized the company's focus on operational reliability and cost management. The company aims to invest $4-5 billion over the next three years in upstream projects, continuing its growth trajectory. Meanwhile, the performance of Novelis, Hindalco's subsidiary, was affected by external factors, including the Sierre flood and tighter scrap spreads.

(With inputs from agencies.)