Hindalco Industries on Thursday reported a nearly 18 percent drop in its standalone net profit at Rs 506 crore for the quarter ended March 2019, as against Rs 616 crore last year. The Q4FY19 earnings included financial results of Utkal Alumina, the company said in a press release.

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Excluding Utkal Alumina earnings, Q4 net profit fell 37.4 percent to Rs 236 crore. A CNBC-TV18 poll estimated a profit of Rs 230 crore.

Hindalco's standalone revenue grew by 6.5 percent year-over-year to Rs 12,455 crore. EBITDA was at a record high of Rs. 7,532 crore, a 5 percent increase over the previous year, the company said in a statement.

"The robust performance amid a challenging business environment was driven by record results by Novelis and the Indian Aluminium Business, and a sustained performance by the Copper Business," said Hindalco.

The company's revenue from operations (Hindalco Standalone including Utkal Alumina) for India business touched Rs. 45,908 crore for FY19.

In the March 2019 quarter, the company said its Indian Aluminium business recorded an 8% growth in revenue at Rs. 5,953 crore YoY.

Profit after tax (PAT) for FY19 jumped to Rs. 2,678 crore versus Rs. 2,197 crore in FY18, registering a 22 percent YoY growth.

"Going forward, we expect the impetus provided by India’s growth to boost demand for aluminium. Rising imports of aluminium and copper, however, pose a threat and we look forward to suitable steps to provide a level playing field,” said Satish Pai, managing director.

First Published:May 16, 2019 2:07 PM IST