Hindalco Q3 profits increase marginally
Approves buy back of shares up to 10%
The country`s largest aluminium company Hindalco has recorded a marginal increase in net profits for the quarter ended 31st December 2001 to Rs 1.66bn as compared to Rs 1.65bn during the corresponding period last year. Net sales also grew marginally by 3% from Rs 5.61 bn to Rs 5.77bn in the same period. According to Mr. Askaran Agarwala, whole-time director, ``Higher volumes, newly expanded capacity and better product mix has contributed to the rise in profits, despite poor market conditions. `` Hindalco has also announced its approval for buy back of its shares, to the extent of 10% of the existing share capital, amounting to 7.4 million shares. The company has signed a three-year wage agreement with its union at an outgo of Rs 15mn every month. For the nine-month period, net sales stood at Rs 16.84 bn with a net profit of Rs 49.4bn.
