Aditya Birla Indal sales and profit up
But Hindalco reports 25 per cent drop
Aditya Birla group company Indian Aluminium has reported a two per cent increase in net profit to Rs. 315 million for the second quarter ended September 2002 as compared to Rs. 307 million in the same quarter last year. Net sales grew by 10 per cent to Rs. 3.7 billion from Rs. 3.35 billion last year.
Meanwhile, the aluminum company of Aditya Birla group, Hindalco reported a 25 per cent drop in net profit for the second quarter of its fiscal ’03. Net profit for the quarter stood at Rs. 1.25 billion as against Rs. 1.67 billion in the corresponding period in the previous year. The net profit dipped 13 per cent in the first quarter.
The sharp plunge in aluminum prices at the LME and the 39 per cent rise in manufacturing expenses, mainly because of increased coal royalty and high power tariffs, led to the fall.
