Hindalco Industries stock slides after Q3 profit plummets 63%

Profit and revenue were hit due to a below-par performance by US-based subsidiary Novelis. However, higher volumes and steady operational performance across India operations helped the overall performance

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Hindalco Industries’ shares were trading 2 percent down on February 10, a day after the company reported a 63 percent drop in profit for the December quarter of the financial year 2022-23.

At 11.40 am, Hindalco Industries was trading 2.08 percent lower at Rs 435.10 on the National Stock Exchange.

On February 9, the Aditya Birla Group company reported a consolidated net profit of Rs 1,362 crore, down 63 percent year on year (YoY) from Rs 3,675 crore. The revenue from operations came in at Rs 53,151 crore, up 6 percent from Rs 50,272 crore in the year-ago quarter.

Profit and revenue were hit due to a below-par performance by its US-based subsidiary Novelis. However, higher volumes and steady operational performance across India operations helped overall performance.