Hindalco net profit falls 4%, new units to go on stream next fiscal
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The demand for aluminium continued to remain flat at 12 per cent level, Bhattacharya said.
Company's revenues from aluminium business were down nearly 1 per cent to Rs 2,215.45 crore, while revenues from copper business were up 5.49 per cent to Rs 4,660.84 crore in the quarter.
Aluminium production was marginally lower at 326 Ktpa (kilo tones per annum) due to lower production at the Belgaum refinery, reflecting constraints in the availability of bauxite for this plant.
Bhattacharya also said the mega projects Mahan Aluminium, Hirakud FRP and Utkal Alumina projects are expected to commence production by April and hopes to ramp up production subsequently.
Aditya Aluminium is expected to commence production in mid-2013, he added.
The company has employed capital of Rs 29,821 crore in aluminium business as of December, which includes Rs 20,971 crore pertaining to new investments in Mahan Aluminium, Hirakud FRP and Aditya Aluminium projects.
The company's gross debt stands at Rs 20,000 crore, with a cash balance of Rs 8,000 crore, and the net debt works out to Rs 12,000 crore.
Commenting on the outlook, Bhattacharya said, with the project going on stream in the near-term, Hindalco is well poised to take the business to the next level.
Aluminium consumption in global market is good and demand is expected to touch 60-70 mt by 2020 from the present 46 mt.
The domestic growth is flat at 12 per cent though the demand prospects are good given the low level of country's per capita consumption of aluminium at 1.8 kg compared to 12 kg globally and 6 kg of China, Bhattacharya said.
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