Q1 net profit of Hindalco down by 12.97 per cent
Total income rises to Rs 6175 million
Hindalco Industries has posted a net profit of Rs 1402 million for the quarter ended 30 June 2002 as compared to Rs 1611 million in the quarter ended 30 June 2001. Total income has increased from Rs 5816 million in the quarter ended 30 June 2001 to Rs 6175 million for the quarter ended 30 June 2002.
Hindalco Industries’ chairman Kumar Mangalam Birla said, ''Hindalco’s predominance in the aluminium sector as the single largest integrated and amongst the lowest cost producers, endows it with an edge. The restructuring of Hindalco into a major non ferrous metals powerhouse, the brown-field expansion and the economies of scale is the outcome of ongoing process innovations at the plant, coupled with project rocket 2K and the extended ERP system.''
''To enhance shareholder value, going forward, we will pursue both organic and inorganic growth and be open to participating in opportunities emanating from the government’s proposals to divest in companies in the aluminium sector. Such acquisitions will be done by us only after a thorough review, at a price which we believe will lead to value creation,'' he added.
